Sinclair buys back $16.1 million 6%, 3% convertibles, readies funds for 4.875% notes redemption

By Jennifer Chiou

New York, Aug. 4 - Sinclair Broadcast Group, Inc. said in its financial report on the second quarter and first six months of the year that it repurchased $6.1 million of its 6% convertible debentures during the quarter and funded the put of $10 million of its 3% convertible senior notes due 2027 at par in May.

The Baltimore-based television broadcasting company also said it is holding $22.4 million in an escrow account to redeem the remainder of its 4.875% senior convertible notes, which holders have the right to put in January.

The put rights on the 3% convertibles expired on May 17, and $5.4 million of the notes remains outstanding. Holders will have the right to put back the 3% securities in May 2017.

According to the company's 10-Q filing with the Securities and Exchange Commission, Sinclair repurchased a total of $42.7 million of the three series of convertibles during the six months ended June 30 via a combination of tender offers, put rights and open-market purchases.

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