Print
Email
/ 01.26.2010 12:00AM
Sinclair Commences Cash Tender Offers
BALTIMORE: Sinclair Television Group is commencing cash
tender offers for two sets of convertible senior notes. Sinclair’s (NASDAQ:
SBGI) 3 percent notes dues 2027 and its 4.875 percent notes due 2018 are up for
cash tender. All noteholders can sell them back to the company for 100 percent
of the principal; 3 percents in May 2010, and the 4.875 percent notes, in January 2011,
Sinclair said about $27.7 million of the 3 percent notes and $37 million of the
4.875 percent notes are currently outstanding. Those who tender the notes will
receive unpaid interest from the last interest payment date, in addition to the
principal. Full terms and conditions are outlined in the offer to purchase
filed with the Securities and Exchange Commission today. The offer expires
Tuesday, Feb. 23, 2010, midnight EST.
Sinclair said it would pay for the tender offer with cash held in a collateral
account raised from a prior sale and issuance of 9.25 percent senior secured
second lien notes due 2017. MacKenzie Partners Inc. of New York is acting as
the information agent on the offers.
Sinclair most recently revised its outlook for the fourth quarter to be better
than previously expected. SBGI said broadcast revenues for the three months
ending Dec. 31, 2009, would likely be $153.8 million, down 6.5 percent from
last year, rather than the 11 to 12.8 percent expected two month ago.
Fourth-quarter and 2009 results will be published in February. -- Deborah D. McAdams
Print
Email
Thursday 12:00AM
Broadcasters File Suit Against FCC’s Political File Rules
“The FCC decision to put the political files online will bring broadcasters into the 21st century, and will make already public information more easily accessible to everyone.” Free Press Senior Policy Counsel Corie Wright.