Sinclair Announces Redemption of 8.375 Notes
September 04, 2014 --
BALTIMORE, Sept. 4, 2014 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) announced that its wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"), has notified the trustee for its 8.375% Senior Notes due 2018 (CUSIP No. 829259AD2) (the "Notes") that it will redeem, in full, STG's outstanding $237.5 million aggregate principal amount of Notes as of October 15, 2014 (the "Redemption Date"). The redemption will be effected in accordance with the terms of the indenture governing the Notes. The redemption price will be equal to the sum of 104.188% of the principal amount of Notes outstanding and accrued and unpaid interest on the principal amount being redeemed up to, but not including, the Redemption Date. The redemption of the Notes and payment of accrued interest and fees will be funded from proceeds raised under STG's bank credit agreement and cash on hand.
This press release shall not constitute a notice of redemption of the Notes. A notice of redemption may only be made by a Notice of Redemption provided by the trustee to the holders of the Notes.
Sinclair is one of the largest and most diversified television broadcasting companies, having affiliations with all of the major networks. For more information, please visit Sinclair's website at www.sbgi.net.
The matters discussed in this press release include forward-looking statements regarding, among other things, future operating results. When used, the words "outlook," "intends to," believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements and information. Such forward-looking information is subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those set forth in the forward-looking information as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, STG's ability to obtain the necessary approvals to close on pending acquisitions, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast or refinance our indebtedness as its comes due, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and any risk factors set forth in the Company's recent reports on Form 8-K, Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurance that the assumptions and other factors referred to will occur. The Company undertakes no obligation to update such forward-looking information in the future except as required by law.
SOURCE Sinclair Broadcast Group, Inc.
Copyright 2014 PR Newswire. All Rights Reserved