Sinclair/Diamond Sports sets roadshow for $4.875 billion secured and unsecured notes

By Paul A. Harris

Portland, Ore., July 9 – Sinclair Broadcast Group Inc. plans to start a roadshow on Wednesday for a $4,875,000,000 two-part offering of notes in secured and unsecured tranches, according to a market source.

Issuing via its indirect, wholly owned subsidiaries Diamond Sports Group LLC and Diamond Sports Finance Co., the Baltimore-based broadcaster plans to place $2.55 billion of seven-year senior secured notes and $2,325,000,000 of eight-year senior unsecured notes.

Credit ratings remain to be determined.

The roadshow wraps up on July 18.

JP Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC, BofA Securities Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, Fifth Third Bank, Goldman Sachs & Co. and Mizuho Securities USA Inc. are the joint bookrunners.

The notes, in both Rule 144A and Regulation S for life tranches, come with three years of call protection.

Proceeds, along with $4 billion of bank debt, will be used to help fund the acquisition of 21 Regional Sports Networks and Fox College Sports from the Walt Disney Co.

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