Sinclair exchanges convertible preferreds into debentures

New York, May 16 - Sinclair Broadcast Group, Inc. said it has exercised its option to convert its $3.00 series D convertible exchangeable preferred stock into debentures.

The securities will be exchanged on a one-for-one basis. The new debentures will pay a 6% coupon quarterly and convert into common stock on the same terms as the preferreds.

Sinclair, a Baltimore-based television broadcaster, said the exchange will take place on June 15.

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