Sinclair's 4.875% notes now convertible after ratings drop to Caa2

By Devika Patel

Knoxville, Tenn., June 17 - Sinclair Broadcast Group, Inc. said that a "conversion upon a credit rating event" has occurred on its 4.875% convertible senior notes due 2018, and holders may convert their securities into common shares at $22.37 per share.

On June 16, Moody's Investors Service reduced the ratings on the $143.5 million in 4.notes to Caa2 from B3, a two ratings notch decline.

As a result, holders may convert each $1,000 in notes into 44.7015 shares.

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

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