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Sinclair tenders for all 8% notes, up to $60 million 6% convertibles
By Jennifer Chiou
New York, Sept. 20 - Sinclair Broadcast Group Inc. announced the start of cash tender offers for any and all of its $224.7 million of 8% senior subordinated notes due 2012 as well as up to $60 million of its $128 million of 6% convertible subordinated debentures due 2012.
The company is also soliciting consents from the holders of the 8% notes to amend the indenture to eliminate substantially all of the restrictive covenants and events of default.
Sinclair added that it intends to issue senior unsecured notes in a private placement to finance the tender offers.
For the 8% notes, the company is offering $1,002.50 per $1,000 principal amount of notes tendered prior to the early tender deadline of midnight ET on Oct. 1. Those who tender after that time but prior to the deadline will not receive the early tender premium of $30.00 that is included in the payout.
The company is offering $987.50 per $1,000 principal amount of the convertibles.
Sinclair will also pay accrued interest in both offers.
The offers end at midnight ET on Oct. 18.
The offers are conditioned on sufficient funds, but there is no minimum tender condition. For the proposed amendments to the 8% notes' indenture to become effective, however, holders of at least a majority of the notes must deliver consents.
Sinclair noted that it will also use, if needed, a draw on its revolving line of credit under its senior secured credit facility and/or cash on hand to finance the offers.
J.P. Morgan Securities LLC is the dealer manager (800 261-5767). MacKenzie Partners, Inc. is the information agent (212 929-5500).
Sinclair Broadcast is a Hunt Valley, Md.-based diversified television broadcasting company.
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