Sinclair’s Diamond Sports units receive $66 million of 6 5/8% notes by early tender deadline

By Rebecca Melvin

New York, June 2 – Sinclair Broadcast Group, Inc. indirect subsidiaries Diamond Sports Group, LLC and Diamond Sports Finance Co. said that about $66 million of its 6 5/8% senior notes due 2027 (Cusips: 25277LAC0, U2527JAB1), representing about 3.62% of the outstanding principal amount of notes, have been validly tendered as of the extended early tender deadline on June 1.

The consents delivered as of the early deadline do not meet the amount required to approve the proposed senior notes amendments. If further consents are delivered by the expiration of the overall offer at midnight ET on June 9, a supplemental indenture will be executed.

The issuer is seeking to amend the indenture governing the senior notes to eliminate most of the restrictive covenants and some of the events of default contained in the indenture.

The notes tendered may no longer be withdrawn.

Holders who tender notes now will receive only the exchange offer consideration of $467 in aggregate principal amount of new secured notes and $103 in cash per $1,000 principal amount of notes plus accrued interest.

As previously reported, the issuers are offering to exchange any and all $1,820,308,000 of the 2027 notes for newly issued 12¾% senior secured notes due 2026 and a cash payment, according to a press release.

The information and exchange agent is Ipreo LLC (888 593-9546, 212 849-3880, ipreo-exchangeoffer@ihsmarkit.com).

Moelis & Co. LLC is acting as dealer manager (212 883-3800).

Sinclair is a Hunt Valley, Md.-based television broadcasting company.

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