SINCLAIR BROADCAST GROUP INC. (SBGI) (B2/B) was heard by syndicate sources Thursday (Nov. 29) to have sold $310 million of new 10-year bonds via an underwriting group led by joint book-running managers Deutsche Banc Alex.Brown and J.P. Morgan Chase. The Baltimore-based broadcasting company said Wednesday (Nov. 29) that it intends to use the proceeds of the offering to redeem its existing 10% senior subordinated notes due 2005 and to pay the associated call premium on the notes.

KING PHARMACEUTICALS, INC. (KG) said Wednesday (Nov. 28) that it had received consents to proposed indenture changes from holders of its 10¾% senior subordinated notes due 2009 as part of its previously announced tender offer. The proposed amendments were put into effect by a supplemental indenture executed after 5 p.m. ET on Nov. 27. At this time, tendered notes may not be withdrawn and consents may not be revoked ,except in certain limited circumstances. Although they are effective immediately upon execution, the proposed amendments will only become operational on the first date on which King Pharmaceuticals accepts tendered notes for purchase and payment under the terms of its tender offer. If the proposed amendments become operational, each non-tendering holder will be bound by the amendments, even though that holder did not consent to the amendments. Completion of the tender offer and payment for the tendered notes are subject to the satisfaction or waiver of various conditions, which were not specified by the company. AS PREVIOUSLY ANNOUNCED, King Pharmaceuticals, a Bristol, Tenn.-based pharmaceuticals maker, said Nov. 9 that it had begun a cash tender offer for all of its $96.382 million of outstanding 10¾% notes. The tender offer will expire at 9:00 a.m. ET on Dec. 12, 2001, subject to possible extension. King will set the price at which it will purchase the notes three business days prior to the expiration date of the tender offer, based on a 75-basis point spread over the yield of the reference security, the 4.75% U.S. Treasury notes due Feb. 15, 2004, plus accrued and unpaid interest up to, but not including, the payment date. The purchase price will include a $20 per $1,000 principal amount consent payment for holders who validly consented to proposed indenture amendments eliminating certain restrictive provisions by tendering their notes by the now-passed Nov. 27 consent deadline. Payment for validly tendered notes is expected to be made promptly following the expiration of the tender offer. Credit Suisse First Boston Corp. (212 538-8474 or 800 820-1653) is acting as dealer manager in connection with the tender offer consent solicitation. The information agent is Georgeson Shareholder Communications (800 223-2064) is the information agent, while the depositary is The Bank of New York.

YOUNG BROADCASTING (YBTVA)(B2/BB-) said Wednesday (Nov. 28) that holders of its 9% senior subordinated notes due 2006 had given the requisite consents to proposed indenture amendments under its previously announced consent solicitation. It also obtained lender approval for an amendment to its senior credit facility. The noteholder and lender approvals clear the way for the company to proceed with its plans for a new high yield bond issue. AS PREVIOUSLY ANNOUNCED, Young Broadcasting, a New York-based television station ownership group, said Oct. 26 that it had begun soliciting consents from the noteholders. The company initially said that it would pay consenting holders $10 per $1,000 principal amount, in cash (subsequently increased to $25 per $1,000), if the proposed amendments were to become effective. The consent solicitation was originally slated to expire at 5 p.m. ET on Nov. 5, although this was subsequently extended several times, most recently to the now-expired deadline of 5 p.m. ET on Nov. 27. The proposed amendments to the 9% notes' indenture were conditioned upon, among other things, receipt of the requisite consents in the consent solicitation, consummation of a proposed offering of new senior notes, and the amendment of the company's senior credit facility. Young Broadcasting said that subject to market conditions, it intends to offer up to $250 million of new senior unsecured notes in a private placement, and added that it has that it had requested that its senior lenders agree to certain amendments to Young's senior credit facility, which have now been approved. The net proceeds from the proposed new senior note offering will be used to repay debt under the senior credit facility. The issuance of the new senior notes is subject to the now-fulfilled condition of successful completion of the consent solicitation. The now-approved amendments to the senior credit facility address, among other things, possible financial covenant issues which may arise at December 31, 2001 and in future years. Deutsche Banc Alex.Brown Inc. (212 469-8995), CIBC World Markets Corp. and First Union Securities, Inc. were the solicitation agents; D.F. King & Co., Inc.(800 714-3305) acted as the information agent.

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