Sinclair to redeem additional $45 million of subsidiary's 8% notes

By Jennifer Chiou

New York, May 18 - Sinclair Broadcast Group, Inc. announced that it will redeem $45 million more of Sinclair Television Group's 8% senior subordinated notes due 2011 on June 18.

On May 10, the company said it will redeem $300 million of the securities on June 11.

Sinclair will pay 104% plus accrued interest.

The Baltimore-based television broadcaster said it will use proceeds from a $300 million offering of convertible senior notes due 2027, which also has a $45 million greenshoe, as well as cash on hand and/or bank debt to finance the redemption. Financing for the additional redemption amount will come from the full exercise of the greenshoe.

Sinclair announced plans for the redemption on May 2.

The company added that there will be $273.3 million of notes outstanding following the redemptions.

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