-
Sinclair TV Subsidiary Prices Note Offering
September 26, 2013 at 2:37 PM (PT)
What do you think? Add your comment below. -
SINCLAIR BROADCAST GROUP's SINCLAIR TELEVISION GROUP, INC. has priced its previously announced private offering of $300 million senior unsecured notes due 2021 at 100% of their par value.
The notes are at 6.375% interest per annum, payable on MAY 1st and NOVEMBER 1st, starting MAY 1st, 2014. The aggregate principal amount of notes in the offering was increased to $350 million. Net proceeds, along with borrowings from the subsidiary's existing bank credit facility and cash on hand, will be used to redeem the subsidiary's 9.25% Senior Secured Second Lien Notes due 2017. The private placement of notes is expected to close on OCTOBER 11th.
The parent company owns one radio cluster, in SEATTLE, acquired in the deal for FISHER COMMUNICATIONS.