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Sinclair tallies tenders for 78.2% of 8% notes, 45.3% of 6% debentures
By Jennifer Chiou
New York, Oct. 19 - Sinclair Broadcast Group Inc. said that Sinclair Television Group, Inc. announced the receipt of tenders and consents for $175.7 million, or 78.2%, of its $224.7 million of 8% senior subordinated notes due 2012 as well as tenders for $59 million, or 45.3%, of its $128 million of 6% convertible subordinated debentures due 2012.
Both offers ended at midnight ET on Oct. 18. They began on Sept. 20.
The company was tendering for any and all of the 8% notes and up to $60 million of the 6% debentures.
As already reported, the consents received were enough to amend the indenture governing the 8% notes to eliminate substantially all of the restrictive covenants and events of default. The company needed consents from holders of a majority of the notes.
Sinclair Television will pay $1,002.50 per $1,000 principal amount of 8% notes. This includes an early tender premium of $30.00 for each note tendered by the early tender premium deadline of midnight ET on Oct. 1. Holders will also receive accrued interest.
Holders will receive $987.50 per $1,000 principal amount of 6% convertibles plus accrued interest.
Sinclair Television is financing the offers with the proceeds from a $250 million issue of 8 3/8% senior unsecured notes due 2018. It expected to settle the offers on Oct. 19.
The offers were conditioned on the receipt of sufficient funds, but there was no minimum tender condition.
The dealer manager was J.P. Morgan Securities LLC (800 261-5767). The information agent was MacKenzie Partners, Inc. (212 929-5500).
Sinclair Broadcast is a Hunt Valley, Md.-based diversified television broadcasting company.
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