BALTIMORE, Nov. 6 /PRNewswire-FirstCall/ -- Sinclair Television Group, Inc.
("Sinclair"), a wholly-owned subsidiary of Sinclair Broadcast Group, Inc. (the
"Company") (Nasdaq: SBGI) today announced the completion of its tender offers
for any and all of the Company's outstanding 3.0% Convertible Senior Notes due
2027 (CUSIP No. 829226AW9) (the "3.0% Notes") and 4.875% Convertible Senior
Notes due 2018 (CUSIP No. 829226AU3) (the "4.875% Notes" and, together with
the 3.0% Notes, the "Notes"). As of 12:00 midnight, New York City time on
November 5, 2009 (the "Expiration Date"), holders representing approximately
90.60% ($266.6 million) in principal amount of the 3.0% Notes and 74.21%
($106.5 million) in principal amount of the 4.875% Notes had validly tendered
and not validly withdrawn their Notes.
The holders of the remaining $27.7 million principal amount of 3.0% Notes and
$37.0 million principal amount of 4.875% Notes are entitled to require the
Company to repurchase such Notes at 100% of their principal amount in May 2010
and January 2011, respectively. Pursuant to the terms of the tender offers,
all of the 3.0% Notes and 4.875% Notes not tendered will remain outstanding
and the terms and conditions contained in the applicable indenture governing
such Notes will remain unchanged.
Sinclair expects to settle the tender offers on or around November 9, 2009
using the proceeds from its recent private placement of $500 million aggregate
principal amount of 9.25% senior secured second lien notes due 2017.
Under the terms of the tender offers, any Notes validly tendered and not
validly withdrawn on or prior to the Expiration Date will be purchased at a
purchase price of $980 per $1,000 in principal amount. Tendering holders will
also receive accrued and unpaid interest from the last interest payment date
to, but excluding, the settlement date.
Sinclair Broadcast Group, Inc., one of the largest and most diversified
television broadcasting companies, currently owns and operates, programs or
provides sales services to 58 television stations in 35 markets. The
Company's television group reaches approximately 22% of U.S. television
households and includes FOX, ABC, CBS, NBC, MNT and CW affiliates. The
Company regularly uses its website as a key source of Company information and
can be accessed at www.sbgi.net.
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, the impact of changes in national and
regional economies, the volatility in the U.S. and global economies and
financial credit markets which impact Sinclair's and the Company's ability to
forecast or refinance their respective indebtedness as it 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, Sinclair's news share strategy, local sales
initiatives, the execution of retransmission consent agreements, the Company's
ability to identify and consummate investments in attractive non-television
assets and to achieve anticipated returns on those investments once
consummated, and the other risk factors set forth in the Company's recent
Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Report
on 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 and Sinclair undertake no obligation to update such
forward-looking information in the future except as required by law.
SOURCE Sinclair Television Group, Inc.
David Amy, EVP & CFO, or Lucy Rutishauser, VP-Corporate Finance & Treasurer,
+1-410-568-1500
