BALTIMORE--(BUSINESS WIRE)--Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc., has entered into the Third Amendment to its Seventh Amended and Restated Credit Agreement, dated as of August 23, 2019, as amended with JPMorgan Chase Bank, N.A., as administrative agent, the guarantors party thereto and the lenders and other parties thereto, to, among other things, effect an extension of the maturity of a certain portion of its existing term loan B-1 tranche, which has a maturity date of January 3, 2024. Pursuant to the Third Amendment, STG incurred new term loans in an aggregate principal amount of $740 million, certain of the proceeds of which term loans are being used to partially refinance the existing term loan B-1 tranche. The new term loans will mature on April 1, 2028 and will bear interest, at the option of STG, at LIBOR (or successor rate) plus 3.00% or at base rate plus 2.00%.
This description of the Third Amendment is only a summary, and is qualified in its entirety by reference to the complete amendment, a copy of which will be filed today with the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.
