Sinclair Television amends, lifting term loan capacity to $500 million

By Sara Rosenberg

New York, Sept. 27 - Sinclair Television Group Inc. completed the amendment to its credit facility, under which the incremental term loan capacity was increased to $500 million from $300 million, according to an 8-K recently filed with the Securities and Exchange Commission.

Also, the amendment lifted the level of permitted unsecured debt to $850 million from $450 million and raised the first-lien debt ratio to 3.75 times from 3.25 times through Dec. 31, 2014 with a step-down to 3.5 times thereafter.

The amendment was finalized on Sept. 20.

JPMorgan Chase Bank is the administrative agent on the deal.

On Thursday, the company announced plans to sell $500 million of senior unsecured notes and use the proceeds to pay down revolver borrowings, to fund the acquisition of Newport Television and other pending acquisitions and for general corporate purposes.

Sinclair is a Hunt Valley, Md.-based television broadcasting company.

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