By Paul A. Harris
Portland, Ore., July 9 – Sinclair Television Group, Inc., a wholly owned subsidiary of Sinclair Broadcast Group, Inc., priced an upsized $550 million issue of 10-year senior notes (B1/B+/) at par to yield 5 5/8% on Wednesday, according to a market source.
The quick-to-market deal was upsized from $450 million.
The yield printed at the tight end of yield talk in the 5¾% area.
J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
Proceeds, along with a portion of funds Sinclair Television intends to raise through a proposed amendment and restatement to its existing credit facility, and cash on hand and/or a draw under its revolver, will be used to fund the previously announced acquisition of the Allbritton television stations.
Sinclair Broadcast Group is a Baltimore-based television broadcasting company.
| Issuer: | Sinclair Television Group, Inc.
|
| Amount: | $550 million, increased from $450 million
|
| Maturity: | Aug. 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Deutsche Bank Securities Inc., BofA Merrill Lynch, Mitsubishi UFJ Securities, Moelis, LionTree
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 304 bps
|
| Call protection: | Five years
|
| Trade date: | July 9
|
| Settlement date: | July 23
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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