Print
Email
/ 11.02.2009 12:00PM
Sinclair Refinances Part of its Bank Credit Line
BALTIMORE: Sinclair refinanced part of
its existing senior secured bank credit line. Sinclair (NASDAQ: SBGI) said it
raised a $330 million tranche B term loan at LIBOR plus 4.5 percent and
maturing Oct. 29, 2015. The money is being used to repay Sinclair’s existing
$78.8 million tranche A and $216.6 million tranche A-1 term loans that matured
in December, 2011 and 2012, respectively.
Sinclair also amended its existing $175 million revolving credit facility under
the same agreement. Approximately $60.5 million in existing commitments will
remain in place at the current rate--LIBOR plus 0.75 percent as of June--and
will mature in June of 2011. Another $75.4 million was extended until Dec. 31,
2013 at LIBOR plus 4 percent with a 2 percent LIBOR floor.
The amendment was necessary for Sinclair’s $500 million convertible note tender
offer, which closes Thursday unless extended or terminated.
More on Sinclair:
October 16, 2009: “Sinclair Increases
Private Offering to $500 Million”
Sinclair intends to use the net proceeds to fund tender offers for its 3
percent and 4.875 percent senior convertible notes, to pay down its senior
secured bank credit facility, and to pay down $33.5 million for its operations
partner, Cunningham Broadcasting.
October 13, 2009: “Sinclair Revises 3Q
Expectations Upward”
The broadcaster said it expects net broadcast revenues for the three months
ended Sept. 30, 2009 to come in at $136 million, down 9.4 percent from last
year. In early August, Sinclair was shooting for $126.6 million, down 15.7
percent from 3Q08.
October 12, 2009: “Moody’s Reviews
Sinclair for Upgrade”
Moody’s Investor Service placed Sinclair on review for a potential upgrade
after the broadcaster commenced a debt refinance and a new agreement with an
operational partner.
October 8, 2009: “Sinclair Commences
Tender Offer”
Sinclair also announced that it has entered into a MoU with Cunningham
Broadcasting Corp., contingent upon the refinancing of the notes.
August 5, 2009: “Sinclair Reports Time
Sales Dip in 2Q”
Sinclair Broadcast Group said today that time sales fell $1 million between the
first and second quarters, a reversal of the typical trend.
August 3, 2009: “Sinclair’s LMA Partner
Gets Extension”
Cunningham Broadcasting, a management partner of Sinclair Broadcast Group,
received an extension on its $33.5 million loan due July 31.
July 15, 2009: “Analyst Deems Sinclair
Bankruptcy ‘Remote’”
“To be blunt, we think management is posturing. We believe that management is
painting the most dire scenario in a public forum as part of its negotiations
with convert holders.”
July 14, 2009: “Sinclair Positions for
Bankruptcy”
Sinclair Broadcasting group may have to file for bankruptcy if it can’t
renegotiate the terms of some of its debt.
June 19, 2009 “Standard & Poor’s
Cuts Sinclair”
“We believe that sluggish TV advertising in a nonelection, recession year will
cause Sinclair’s EBITDA to decline further and leverage to continue to rise.”
Print
Email
Friday 12:00AM
McAdams On: Tips for Valentine’s Day
"Please for the love of Ra, give me a universal power cord!"