BALTIMORE, July 29, 2019 /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 for its 5.375% Senior
Notes due 2021 (CUSIP No. 829259AM2) (the "Notes") that it intends
to redeem, in full, STG's outstanding $600
million aggregate principal amount of Notes on August 13, 2019 (the "Redemption Date").
The redemption of the Notes is contingent upon the funding of
$600 million of incremental term B
loans (the "Incremental Term B Loans") to finance such
redemption. The Incremental Term B Loans are expected to be
initially incurred either (x) as an incremental facility under
STG's existing credit agreement, if incurred prior to the
effectiveness of an amendment and restatement of STG's existing
credit agreement (such amended and restated credit agreement, the
"Amended and Restated Credit Agreement") expected to be effected in
connection with, among other things, STG's incurrence of additional
incremental term B loans to finance a portion of Sinclair's
$9.6 billion pending and previously
announced acquisition of a regional sports networks business
("RSN") from The Walt Disney Company, or (y) as an incremental
facility under the Amended and Restated Credit Agreement, if the
Incremental Term B Loans are incurred on or after the date on which
the Amended and Restated Credit Agreement becomes effective.
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 100.000% of the principal amount of Notes
outstanding and accrued and unpaid interest, if any, 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 Incremental
Term B Loans 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.
Sinclair is one of the largest and most diversified television
broadcasting companies in the country. The Company owns, operates
and/or provides services to 191 television stations in 89 markets.
Sinclair is a leading local news provider dedicated to impactful
journalism with a local focus. The Company has multiple national
networks, live local sports production, as well as stations
affiliated with all the major 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, general
economic, market, or business conditions; the STG's ability to
obtain the Incremental Term B Loans; 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sinclair-announces-contingent-redemption-of-5-375-notes-300892682.html
SOURCE Sinclair Broadcast Group, Inc.