Sinclair launches $750 million term loan B-4 at SOFR plus 375 bps

By Sara Rosenberg

New York, April 6 – Sinclair Television Group Inc. (Sinclair Broadcast Group) was scheduled to hold a lender call at 1 p.m. ET on Wednesday to launch a non-fungible $750 million seven-year term loan B-4 (Ba2/B+), according to a market source.

Price talk on the term loan is SOFR plus CSA plus 375 basis points with a 0% floor and an original issue discount of 97.5 to 98, the source said.

CSA is 10-bps one-month rate, 15-bps three-month rate and 25-bps six-month rate.

The term loan has 101 soft call protection for six months.

JPMorgan Chase Bank is the left lead on the deal.

Commitments are due at noon ET on April 13, the source added.

Proceeds will be used repay a term loan B-1 due Jan. 3, 2024, redeem 5 7/8% notes due 2026 and pay associated breakage, fees and expenses.

The company is also extending the maturity date of its revolving credit facility to five years from closing.

Sinclair is a Hunt Valley, Md.-based broadcaster that owns, operates or provides services to 185 television stations in 86 markets.

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