Sinclair completes tender offers

Sinclair Broadcast Group has wrapped up the tender offers for two bond issues that it announced in late January. Over $26 million of the two issues are being bought back by the company.

The tenders were made by Sinclair Television Group Inc., a wholly-owned subsidiary of Sinclair Broadcast Group Inc., for any and all of its outstanding $27.7 million principal amount of 3.0% Convertible Senior Notes due 2027 and $37.0 million principal amount of 4.875% Convertible Senior Notes due 2018.

As of the tender expiration deadline of midnight February 23rd, holders representing approximately 44.3% ($12.3 million) in principal amount of the 3.0% Notes and 38.7% ($14.3 million) in principal amount of the 4.875% Notes had validly tendered and not withdrawn their notes.

Sinclair said it expects to settle the tender offers on or around February 25th using cash currently held in a collateral account, raised from the prior sale and issuance of its 9.25% Senior Secured Second Lien Notes due 2017.

The holders of the remaining $15.4 million principal amount of 3.0% Notes and $22.7 million principal amount of 4.875% Notes are entitled to require Sinclair to repurchase such Notes at 100% of their principal amount in May 2010 and January 2011, respectively.

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