Sinclair Television driving by with $550 million 10-year secured notes; talk mid-to-high 4% area

By Paul A. Harris

Portland, Ore., Nov. 19 – Sinclair Broadcast Group, Inc. plans to price a $550 million issue of 10-year senior secured notes via its wholly owned subsidiary, Sinclair Television Group, Inc., in a Thursday drive-by, according to market sources.

Initial talk has the deal coming in the mid-to-high 4% area, a trader said.

J.P. Morgan Securities LLC is leading the notes sale.

The notes come with five years of call protection.

The Baltimore-based media company plans to use the proceeds to redeem its 5 5/8% senior notes due 2024 at 101.875.

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