Sinclair Broadcast mulls alternatives for dealing with convertibles' upcoming put options

By Angela McDaniels

Tacoma, Wash., May 11 - Sinclair Broadcast Group, Inc. is exploring alternative solutions for the put options given to holders of its $294.3 million outstanding principal amount of 3% convertible senior notes due 2027 and $143.5 million outstanding principal amount of 4.875% convertible senior notes due 2012, according to its 10-Q report for the first quarter filed with the Securities and Exchange Commission Monday.

The 3% convertibles and 4.875% convertibles are putable in May 2010 and January 2011, respectively.

The company plans to begin discussions about possible alternatives with the noteholders. However, Sinclair gave no assurance that these discussions will produce any alternative solutions and said it may not be able to refinance or extinguish the convertibles by their respective put dates.

Sinclair is a Hunt Valley, Md.-based television broadcaster.

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