Sinclair to Amend and Raise Additional Commitments Under Its Bank Credit Facility
/PRNewswire/ -- Sinclair Broadcast Group, Inc. (the "Company") (Nasdaq: SBGI) announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc. ("Sinclair"), intends to raise additional commitments under, and amend certain terms of, its existing bank credit facility.(Logo: http://photos.prnewswire.com/prnh/20100119/PH39783LOGO )
Under the proposed terms, Sinclair would seek to add up to $530.0 million of term loans to its existing term loan facilities, which would consist of an initial $280.0 million term loan added to its existing $222.5 million tranche B term loan maturing October 2016 and an additional $250.0 million added to its existing $115.0 million tranche A term loan maturing March 2016. In addition, Sinclair would increase its existing revolving line of credit from $75.4 million to $100.0 million and extend the maturity of the revolving line of credit from 2013 to be coterminous with the term loan A maturity of March 2016. The additional term loans, along with cash on hand and/or a draw under the revolving line of credit, would be used to fund the previously announced acquisitions of Four Points Media and the television stations of Freedom Communications which are currently expected to close in early January 2012 and late March 2012, respectively. Due to timing related to the closing and funding of the acquisitions, approximately $350.0 million of the new commitments is expected to be drawn on a delayed basis. Included among the proposed amendments to the bank credit facility are increased incremental loan capacity, increased television station acquisition capacity and more flexibility under the restrictive covenants.
Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, owns and operates, programs or provides sales services to 65 television stations in 39 markets. Sinclair's television group reaches approximately 24% of U.S. television households and is affiliated with all major networks. Pro forma for the Freedom transaction, Sinclair will own and operate, program or provide sales services to 73 television stations in 46 markets, reaching 26.3% of the U.S. television households. Sinclair's television portfolio will consist of 20 FOX, 18 MNT, 13 CW, 11 ABC, 9 CBS, 1 NBC, and Azteca stations. Sinclair owns equity interests in various non-broadcast related companies. The Company regularly uses its website as a key source of Company information and can be accessed at www.sbgi.net .
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The additional term loans, along with cash on hand and/or a draw under the revolving line of credit, would be used to fund the previously announced acquisitions of Four Points Media and the television stations of Freedom Communications which are
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