Key Developments For Sinclair Broadcast Group, Inc.
Sinclair Broadcast Group, Inc. (SBGI.O) (Nasdaq)
Sinclair Broadcast Group, Inc. Issues Q4 2009 EBITDA Outlook Above Analysts' Estimates; Issues FY 2009 EBITDA Outlook Above Analysts' Estimates-Conference Call
Sinclair Broadcast Group, Inc. announced that for the fourth quarter of 2009, it expects EBITDA of $49.6 million to $52.6 million. For fiscal 2009, the Company expects EBITDA of $179.6 million to $182.6 million. According to Reuters Estimates, analysts on an average were expecting the Company to report EBITDA of $48.95 million for the fourth quarter of 2009 and EBITDA of $163.57 million for fiscal 2009.
Sinclair Broadcast Group, Inc. Upsizes and Prices Private Offering of Senior Secured Second Lien Notes
Sinclair Broadcast Group, Inc. announced that its wholly owned subsidiary, Sinclair Television Group, Inc. (STG), has priced its private offering of senior secured second lien notes (the Notes) due 2017. The offering was upsized to $500.0 million from the original $430.0 million. The Notes were priced at 97.264% of their par value and will bear interest at a rate of 9.25% per annum payable semi-annually on May 1 and November 1, commencing on May 1, 2010. Sinclair intends to use the net proceeds from the offering to fund the tender offers for Sinclair's 3% Senior Convertible Notes and 4.875% Senior Convertible Notes (together, the Convertible Notes), to pay amounts under STG's senior secured bank credit facility (the Bank Credit Facility) and to pay fees and expenses related to the Bank Credit Facility and the transactions contemplated by the Memorandum of Understanding with Cunningham Broadcasting Corporation. The offering of the Notes is conditioned upon the concurrent amendment and restatement of the Bank Credit Facility. The tender offers for the Convertible Notes expire on November 5, 2009, unless extended or earlier terminated by STG and are being made pursuant to the Offer to Purchase, dated October 8, 2009 (the Offer to Purchase), previously filed with the Securities and Exchange Commission.
Sinclair Broadcast Group, Inc. Announces Proposed Private Offering of Senior Secured Second Lien Notes
Sinclair Broadcast Group, Inc. announced that its wholly owned subsidiary, Sinclair Television Group, Inc. (STG)intends to offer, subject to market conditions and other factors, approximately $430.0 million aggregate principal amount of Senior Secured Second Lien Notes (the Second Lien Notes) due 2017. The Second Lien Notes would be guaranteed by the Company and certain of the Company's subsidiaries, and be secured by a second lien on the assets securing the loans under STG's senior secured bank credit facility (the Bank Credit Facility). In addition to customary closing conditions, this private placement of Second Lien Notes would be conditioned on obtaining an amendment and restatement to the Bank Credit Facility to permit this transaction. The proceeds from the private offering of Second Lien Notes will be used, together with available cash on hand and/or revolving debt, to fund STG's cash tenders for the Company's 3% Senior Convertible Notes due 2027 and 4.875% Senior Convertible Notes due 2018, pursuant to the Offer to Purchase, dated October 8, 2009 (the Offer to Purchase), previously filed with the Securities and Exchange Commission. The tender offers expire at 12:00 midnight, New York City time on November 5, 2009 unless extended or earlier terminated by STG.
Sinclair Broadcast Group, Inc. Suspends Common Stock Dividend
Sinclair Broadcast Group, Inc. announced that it has suspended the Company's dividend until further notice.
Sinclair Broadcast Group, Inc. Declares Quarterly Common Stock Dividend
Sinclair Broadcast Group, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share on the Company's Class A and Class B common stock. The dividends are payable on January 13, 2009, to the holders of record at the close of business on December 31, 2008. The common stock will trade ex-dividend on December 29, 2008.
