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Sinclair draws $648 million, Diamond draws $425 million on revolvers
Chicago, March 23 – Sinclair Television Group Inc., a direct wholly owned subsidiary of Sinclair Broadcast Group Inc. (Diamond Sports Group LLC), announced that it drew down $648 million under its revolving credit facility on March 17, according to an 8-K filing with the Securities and Exchange Commission.
Following the drawdown and outstanding letters of credit, Sinclair Television has $600,000 in available borrowing capacity under its revolver.
Also on March 17, Diamond Sports Holdings, LLC drew down $225 million under the Diamond revolving credit facility. After the drawdown, Diamond had $425 million in available borrowing capacity.
The drawdowns are precautionary measures to preserve Sinclair’s financial flexibility in light of the Covid-19 pandemic.
If needed, proceeds will be used for working capital and general corporate purposes.
As background, Sinclair Television amended and restated its credit agreement with JPMorgan Chase Bank, NA as administrative agent Aug. 23, 2019.
The amendment replaced Sinclair’s existing revolving credit facility with a new five-year revolver in an aggregate principal amount of up to $650 million, which included the capacity for up to $50 million of letters of credit and for borrowings of up to $50 million under swingline loans.
Also on Aug. 23, 2019, Diamond Sports entered into a credit agreement with JPMorgan as administrative agent and certain other financial institutions as agents, issuing banks and/or lenders. The Diamond agreement provided for a $650 million senior secured revolving credit facility, including capacity for up to $50 million of letters of credit and for borrowings of up to $50 million under swingline loans.
Sinclair is a Hunt Valley, Md.-based television broadcasting company.
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