BALTIMORE, Nov. 19, 2020 /PRNewswire/ -- Sinclair Broadcast
Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) announced that its
wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"),
has notified the trustee ("Trustee") for its 5.625% Senior Notes
due 2024 (CUSIP No. 829259AR1) (the "Notes") that it intends to
redeem, in full, STG's outstanding $550
million aggregate principal amount of Notes on December 4, 2020 (the "Redemption Date").
The redemption of the Notes is conditioned upon STG's incurrence of
new debt financing generating gross proceeds of at least
$550 million (the "Financing").
The redemption will be effected in accordance with the terms of
the indenture governing the Notes. The redemption price will
be equal to the sum of 101.875% of the principal amount of the
Notes outstanding together with accrued and unpaid interest on the
principal amount being redeemed up to, but not including, the
Redemption Date. The redemption of the Notes, including the
payment of accrued and unpaid interest and related fees and
expenses, will be funded from the net proceeds of the Financing and
cash on hand.
This press release shall not constitute a notice of
redemption of the Notes. A notice of redemption may only be made by
a notice of redemption provided by STG or the Trustee to the
holders of the Notes in accordance with the indenture governing the
Notes. This press release is neither an offer to purchase nor a
solicitation of an offer to sell the Notes or any other securities,
and this press release shall not constitute an offer to sell nor a
solicitation of an offer to buy any securities.
About Sinclair Broadcast Group, Inc.
Sinclair is a diversified media company and leading provider of
local sports and news. The Company owns and/or operates 23 regional
sports network brands; owns, operates and/or provides services to
190 television stations in 88 markets; is a leading local news
provider in the country; owns multiple national networks; and has
TV stations affiliated with all the major broadcast networks.
Sinclair's content is delivered via multiple platforms, including
over-the-air, multi-channel video program distributors, and digital
platforms. The Company regularly uses its website as a key source
of Company information which can be accessed at www.sbgi.net.
Forward-Looking Statements:
The matters discussed in this news release include
forward-looking statements regarding, among other things, future
events and actions. When used in this news release, the words
"outlook," "intends to," "believes," "anticipates," "expects,"
"achieves," "estimates," and similar expressions are intended to
identify forward-looking statements. Such statements are
subject to a number of risks and uncertainties. Actual results in
the future could differ materially and adversely from those
described in the forward-looking statements as a result of various
important factors, including and in addition to the assumptions set
forth therein, but not limited to, STG's ability to consummate the
Financing, the potential impacts of the novel coronavirus
(COVID-19) pandemic on our business operations, financial results
and financial position and on the world economy, the impact of
changes in national and regional economies, our ability to generate
cash to service our substantial indebtedness, the completion of the
FCC spectrum repack, successful execution of outsourcing
agreements, pricing and demand fluctuations in local and national
advertising, volatility in programming costs, the market acceptance
of new programming, the successful execution of retransmission
consent agreements, the successful execution of network and MVPD
affiliation agreements, the successful execution of media rights
agreements with professional sports teams, the impact of OTT and
other emerging technologies and their potential impact on
cord-cutting, the impact of MVPDs, vMVPDs, and OTT distributors
offering "skinny" programming bundles that may not include all
programming of our networks, our ability to identify and consummate
acquisitions and investments and to achieve anticipated returns on
those investments once consummated, the impact of pending and
future litigation claims against the Company, the impact of FCC and
other regulatory proceedings against the Company, uncertainties
associated with potential changes in the regulatory environment
affecting our business and growth strategy, and any risk factors
set forth in the Company's recent reports on Form 10-Q and/or Form
10-K, as filed with the Securities and Exchange Commission. There
can be no assurances that the assumptions and other factors
referred to in this release will occur. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements except as required by law.
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SOURCE Sinclair Broadcast Group, Inc.