Sinclair trims term B to $740 million, firms at Libor plus 300 bps

By Sara Rosenberg

New York, March 25 – Sinclair Television Group Inc. downsized its seven-year first-lien term loan B to $740 million from $1.119 billion and set pricing at Libor plus 300 basis points, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

JPMorgan Chase Bank, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Citizens, Deutsche Bank Securities Inc., Fifth Third, Goldman Sachs Bank USA, Mizuho, RBC Capital Markets, Truist and Wells Fargo Securities LLC are the leads on the deal.

Proceeds will be used to help refinance an existing $1.119 billion term loan B-1 due Jan. 3, 2024.

Sinclair Television is a Hunt Valley, Md.-based broadcaster that owns, operates and/or provides services to 186 television stations in 87 markets.

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