Sinclair Television Group (SBGI) Announces Completion of Tender Offers
Sinclair Television Group, Inc., a wholly-owned subsidiary of Sinclair Broadcast Group (Nasdaq: SBGI) today announced the completion of its tender offers for any and all of the Company's outstanding 3.0% Convertible Senior Notes due 2027 (CUSIP No. 829226AW9) (the "3.0% Notes") and 4.875% Convertible Senior Notes due 2018 (CUSIP No. 829226AU3) (the "4.875% Notes" and, together with the 3.0% Notes, the "Notes"). As of 12:00 midnight, New York City time on November 5, 2009 (the "Expiration Date"), holders representing approximately 90.60% ($266.6 million) in principal amount of the 3.0% Notes and 74.21% ($106.5 million) in principal amount of the 4.875% Notes had validly tendered and not validly withdrawn their Notes.
The holders of the remaining $27.7 million principal amount of 3.0% Notes and $37.0 million principal amount of 4.875% Notes are entitled to require the Company to repurchase such Notes at 100% of their principal amount in May 2010 and January 2011, respectively. Pursuant to the terms of the tender offers, all of the 3.0% Notes and 4.875% Notes not tendered will remain outstanding and the terms and conditions contained in the applicable indenture governing such Notes will remain unchanged.
Sinclair expects to settle the tender offers on or around November 9, 2009 using the proceeds from its recent private placement of $500 million aggregate principal amount of 9.25% senior secured second lien notes due 2017.
Under the terms of the tender offers, any Notes validly tendered and not validly withdrawn on or prior to the Expiration Date will be purchased at a purchase price of $980 per $1,000 in principal amount. Tendering holders will also receive accrued and unpaid interest from the last interest payment date to, but excluding, the settlement date. [SM]
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