Following its recent tender that brought in over 78% of its outstanding 8% Senior Subordinated Notes due 2012, Sinclair Television Group has now completed the redemption of the remaining $49.0 million outstanding.
Sinclair Television Group is a wholly owned subsidiary of Sinclair Broadcast Group. On October 19, 2010, Sinclair gave notice to the trustee of the Notes that all of the remaining Notes not tendered in the previously expired tender offer would be redeemed for cash on November 19, 2010 at a redemption price of 100% of the principal amount of the Notes plus accrued and unpaid interest. The redemption of the Notes was effected in accordance with the terms of the indenture governing the Notes and was funded from the net proceeds from Sinclair’s recent private placement of $250 million aggregate principal amount of 8.375% senior notes due 2018 and available cash on hand.
