By Paul A. Harris
Portland, Ore., Sept. 26 - Sinclair Television Group, Inc., a subsidiary of Sinclair Broadcast Group, Inc., priced an upsized $350 million issue of eight-year senior notes (expected B1/confirmed B) at par to yield 6 3/8% in a Thursday drive-by deal, according to a market source.
The deal was upsized from $300 million.
The yield printed at the tight end of yield talk.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
The Baltimore-based television broadcasting company plans to use the proceeds, along with proceeds from a proposed amendment to Sinclair Television's existing credit facility and cash on hand, to fund the redemption of the Sinclair Television 9¼% second-lien notes due 2017.
| Issuer: | Sinclair Television Group, Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | RBC, Wells Fargo Securities LLC
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Three years
|
| Trade date: | Sept. 26
|
| Ratings: | Moody's: expected B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 3/8% to 6½%
|
| Marketing: | Quick to market
|
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