New Issue: Sinclair Television prices $600 million eight-year notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., March 18 - Sinclair Television Group, Inc. priced a $600 million issue of eight-year senior notes (B1/B/) at par to yield 5 3/8% on Monday, according to a market source.

The yield printed at the wide end of yield talk that was set in the 5¼% area.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and RBC Capital Markets are the joint bookrunners.

The Hunt Valley, Md.-based television broadcasting company plans to use the proceeds to refinance bank debt.

Issuer:	Sinclair Television Group, Inc.
Amount:	$600 million
Maturity:	April 1, 2021
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets
Co-managers:	SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	388 bps
Call features:	Make-whole call at Treasuries plus 50 bps until April 1, 2016, then callable at 104.031, 102.688, 101.344, par on and after April 1, 2019
Equity clawback:	35% at 105.375 until April 1, 2016
Change-of-control put:	101%
Trade date:	March 18
Settlement date:	April 2
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¼% area
Marketing:	Quick to market

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