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Sinclair gets tenders, consents for $175.6 million of 8% notes so far
By Angela McDaniels
Tacoma, Wash., Oct. 4 - Sinclair Broadcast Group Inc. said Sinclair Television Group, Inc. had received tenders and consents for $175.6 million principal amount, or 78.1%, of its $224.7 million of 8% senior subordinated notes due 2012 as of midnight ET on Oct. 1, which was the early tender premium deadline in a tender offer that began Sept. 20.
The consents received are enough to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and events of default.
The company needed consents from holders of a majority of the notes. Holders who tender are deemed to have submitted consents.
Sinclair Television will pay $1,002.50 per $1,000 principal amount of notes. This includes an early tender premium of $30.00 for each note tendered by the early tender premium deadline.
Holders will also receive accrued interest.
The company expected to settle payment for the notes tendered by the early tender premium deadline on or around Oct. 4.
As previously reported, the company is also holding a tender offer for up to $60 million of its $128 million of 6% convertible subordinated debentures due 2012.
Holders will receive $987.50 per $1,000 principal amount of convertibles plus accrued interest.
Both offers end at midnight ET on Oct. 18.
Sinclair Television is financing the offers with the proceeds from a $250 million issue of 8 3/8% senior unsecured notes due 2018.
The offers are conditioned on the receipt of sufficient funds, but there is no minimum tender condition.
The dealer manager is J.P. Morgan Securities LLC (800 261-5767). The information agent is MacKenzie Partners, Inc. (212 929-5500).
Sinclair Broadcast is a Hunt Valley, Md.-based diversified television broadcasting company.
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