Sinclair Television launches $270 million term B at Libor plus 425 bps

By Sara Rosenberg

New York, Aug. 5 - Sinclair Television Group Inc. launched on Thursday its $270 million term loan B (Ba1/BB) due October 2015 with price talk of Libor plus 425 basis points with a 1.5% Libor floor and an original issue discount of 991/2, according to a market source.

The loan includes 101 soft call protection for one year, the source said.

JPMorgan is the lead bank on the deal.

Proceeds from the term loan, along with cash and/or revolver borrowings, will be used to repay the company's existing $305 million term loan B that also matures in October 2015.

Pricing on the existing term loan B, which was obtained last year, is Libor plus 450 bps with a 2% Libor floor. The tranche was sold at an original issue discount of 98.

The new term loan is also expected to provide more incremental loan capacity and more flexible terms for usage of cash and revolver debt.

Sinclair is a Hunt Valley, Md.-based television broadcasting company.

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