Sinclair to Refinance its Existing Bank Credit Facility to Raise Additional Term Loan and Revolving Commitments

Mon Mar 18, 2013 10:43am EDT

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BALTIMORE,  March 18, 2013  /PRNewswire/ -- Sinclair Broadcast Group, Inc.
("Sinclair" or the "Company") (Nasdaq: SBGI) announced today that its
wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"), intends to
refinance its existing bank credit facility via an amendment and restatement to
raise new term loan and revolving commitments and to introduce increased
operating flexibility into the new bank credit facilities.   

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Sinclair is seeking  $900.0 million  of new term loans, which is expected to
consist of  $500.0 million  in new term A loans maturing  April 2018  and 
$400.0 million  in new term B loans maturing April 2020.  In addition, Sinclair
will seek to obtain a new  $100.0 million  revolving line of credit maturing
April 2018.  The new term loans, cash on hand and/or a draw under the new
revolving line of credit, are expected to be used refinance amounts outstanding
under the existing bank credit facility and to fund the previously announced
acquisitions of the Barrington Broadcasting Group and certain of the Cox Media
Group television stations, which acquisitions are expected to close in the
second quarter of 2013.  Due to timing related to the closing and funding of the
acquisitions, approximately  $445.0 million  of the new term loan commitments
are expected to be drawn on a delayed basis.  In connection with this
refinancing, Sinclair will seek to introduce additional operating flexibility
into the new bank credit facilities, including, increased incremental loan
capacity, increased television station acquisition capacity and increased
flexibility under the negative covenants.   

Sinclair Broadcast Group, Inc., one of the largest and most diversified
television broadcasting companies, currently owns and operates, programs or
provides sales services to 112 television stations in 61 markets, after pending
transactions.  Sinclair's television group reaches approximately 30% of U.S.
television households and includes FOX, ABC, CBS, NBC, MNT, CW and an Azetca
affiliate.  The Company regularly uses its website as a key source of Company
information and can be accessed at  

Forward-Looking Statements:   

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 consummate the proposed
refinancings, 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.

David Amy, EVP & CFO, Lucy Rutishauser, VP Corporate Finance & Treasurer,

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