Sinclair Television tenders for its 3%, 4.875% putable convertibles with proceeds from 9¼% notes

By Susanna Moon

Chicago, Jan. 26 - Sinclair Television Group, Inc. said it began cash tender offers for its $27.7 million outstanding 3% convertible senior notes due 2027 and $37 million outstanding 4.875% convertible senior notes due 2018.

The 3% convertibles are putable in May, and the 4.875% convertibles are putable in January 2011.

Sinclair will pay par for the notes plus accrued interest to the settlement date.

The company said it plans to fund the offers with cash held in a collateral account raised from the issuance of its 9¼% senior secured second-lien notes due 2017.

Sinclair said the offers are not subject to any financing or minimum tender condition and that it is not obligated to accept or purchase, and may delay the acceptance for payment of, any tendered notes.

The offers will expire at midnight ET on Feb. 23. The payment date is expected to be the second business day after the expiration date.

MacKenzie Partners, Inc. (212 929-5500) is the information agent.

Sinclair is a television broadcasting company based in Baltimore and a subsidiary of Sinclair Broadcast Group, Inc.

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