Sinclair buys back $8 million 8% notes, $2.6 million 8¾% notes

By Jennifer Chiou

New York, Aug. 3 - Sinclair Broadcast Group, Inc. said it repurchased $8.0 million of its 8% senior subordinated notes due 2012 and $2.6 million of its 8¾% senior subordinated notes due 2011 during the second quarter.

The Hunt Valley, Md., television broadcasting company said it reduced its interest costs by 3% through the buybacks.

On May 12, Sinclair restated and amended its bank credit facility, providing for a $100 million term loan A and a $175 million revolving credit facility priced at Libor plus 125 basis points.

The company also exchanged $166.9 million of its 6% convertible exchangeable preferred stock for 6% convertible debentures due 2012 on June 15, cutting its tax liabilities about $4 million per year.

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