Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc., has closed its previously announced private offering of $500 million aggregate principal amount of Senior Notes due 2030.
The 2030 Notes were priced at 100% of their face amount and bear interest at a rate of 5.500% per annum payable semi-annually on June 1 and December 1, commencing June 1, 2020. The 2030 Notes will mature on March 1, 2030.
The net proceeds from the private placement of the 2030 Notes, along with cash on hand, are being used to redeem the Issuer's $500.0 million of 6.125% Senior Notes due 2022 at par plus a make-whole call premium of approximately $5.1 million.
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 191 television stations in 89 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.
