S&P gives Sinclair loan BB-

S&P said it gave BB- issue-level and 2 recovery ratings to the proposed $1.1 billion senior secured term loan due 2028 issued by Sinclair Television Group Inc. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 80%) recovery in default.

Sinclair plans to use the proceeds to refinance its senior secured term loan B-1 tranche maturing in 2024 with $1.1 billion outstanding.

“Our B+ issuer credit rating and negative outlook on Sinclair are unchanged because the transaction is leverage neutral,” S&P said in a press release.

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