Sinclair’s Diamond Sports units extend early deadline in exchange offer for 6 5/8% notes

By Rebecca Melvin

New York, May 27 – Sinclair Broadcast Group, Inc. indirect subsidiaries Diamond Sports Group, LLC and Diamond Sports Finance Co. have extended the early tender time for their private exchange offer for any and all $1,820,308,000 of 6 5/8% senior notes due 2027 (Cusips: 25277LAC0, U2527JAB1) for newly issued 12¾% senior secured notes due 2026 and a cash payment, according to a press release.

The new early tender time is 5 p.m. ET on June 1, which was extended from May 26. The expiration date of the overall offer remains midnight ET on June 9.

Concurrently with the exchange offer, the issuers are soliciting consents from eligible holders to amend the indenture governing the senior notes in order to eliminate most of the restrictive covenants and some of the events of default contained in the indenture.

The issuers must receive consents from holders of a majority of the outstanding notes to adopt the amendments.

Holders who validly tender their notes under the exchange will be deemed to consent to amendments. Holders may not deliver consents without validly tendering their notes in the exchange.

Holders who tender their notes for exchange by the early tender date will be eligible to receive $467 of new notes and $133 in cash per $1,000 of existing notes exchanged.

Holders who tender their notes after the early tender date but before the expiration date will be eligible to receive $467 of new notes and $103 in cash per $1,000 of existing notes exchanged.

Holders will also receive accrued interest.

Prior to Aug. 15, 2022, the issuers may redeem the new secured notes in whole or in part at any time at par plus accrued interest to the redemption date, plus a make whole premium. After that, the notes are callable in whole or in part at specified redemption prices.

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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