By Paul A. Harris
St. Louis, Dec. 17 - Sinclair Broadcast Group, Inc. priced a $125 million add-on to its 8% senior subordinated notes due March 15, 2012 (B2/B) at 103 Tuesday for a 7.45% yield to worst.
Price talk was 103 area.
JP Morgan, Deutsche Bank Securities Inc. and Wachovia Securities, Inc. were joint bookrunners. The co-manager was UBS Warburg.
Proceeds from the Rule 144A deal will be used to finance the repurchase or redemption of the company's existing 8¾% senior subordinated notes due Dec. 15, 2007.
The issuer is a Baltimore broadcasting company.
Issuer: Sinclair Broadcast Group, Inc.
Amount: $125 million
Security description: Add-on to the 8% senior subordinated notes due March 15, 2012
Managers: JP Morgan, Deutsche Bank Securities, Wachovia Securities (joint books)
Co-manager: UBS Warburg
| Maturity: | March 15, 2012
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| Coupon: | 8%
|
| Price: | 103
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| Yield to worst: | 7.45%
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| Price talk: | 103 area
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| Call features: | Callable on March 15, 2007 at 104.00, then at 102.667, 101.333, declining to par on March 15, 2010 and thereafter
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| Equity clawback: | Until March 15, 2005 for up to 35% at 108
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| Settlement date: | Dec. 31, 2002 (T+9) with accrued interest
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| Ratings: | Moody's: B2
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| Standard & Poor's: B
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| Rule 144A Cusip: | 829226AN9
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