Sinclair Television holders tender less than half of 3%, 4.875% putable convertible notes

By Susanna Moon

Chicago, Feb. 23 - Sinclair Television Group, Inc. said it completed the cash tender offers for its $27.7 million outstanding 3% convertible senior notes due 2027 and $37 million outstanding 4.875% convertible senior notes due 2018.

Holders tendered $12.3 million, or 44.3%, of the 3% convertibles and $14.3 million, or 38.7%, of the 4.875% convertibles as of midnight ET on Feb. 23, the expiration date. The payment date is expected to be the second business day after the expiration date. The offers began on Jan. 26.

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

Sinclair will pay par for the notes plus accrued interest to the settlement date of Feb. 25.

The company previously said it planned to fund the offers with cash held in a collateral account raised from the issuance of its 9.25% senior secured second-lien notes due 2017.

Sinclair said the offers were not subject to any financing or minimum tender condition.

MacKenzie Partners, Inc. (212 929-5500) is the information agent.

Sinclair is a television broadcasting company based in Baltimore and a subsidiary of Sinclair Broadcast Group, Inc.

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