Sinclair holders put nearly two-thirds of remaining 3% convertibles

By Susanna Moon

Chicago, May 18 - Sinclair Broadcast Group, Inc. said the put option expired May 17 for its outstanding $15.4 million principal amount of 3% convertible senior notes due 2027.

As of the expiration on May 17, holders exercised their put option on 64.9% principal amount of the convertibles.

Holders of the remaining $5.4 million of notes may require the company to repurchase the notes at par in May 2017.

Sinclair said it will settle the put rights using cash held in a collateral account raised from the sale of its 9¼% senior secured second-lien notes due 2017.

The company said on Feb. 23 that it completed the cash tender offer for its $27.7 million outstanding 3% putable convertibles, getting tenders for $12.3 million, or 44.3%, of the notes as of midnight ET on Feb. 23, the expiration date.

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

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