The financial restructuring of Sinclair Broadcast Group is now complete. The company announced completion of the final step – tender offers to buy any and all of its outstanding 3.0% convertible senior notes due 2027 and 4.875% convertible senior notes due 2018.
Sinclair had offered to buy back the notes at $980 per $1,000 face value. As of the tender expirations at midnight Thursday (10/5), 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 tendered for the buyback.
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 Sinclair to repurchase the notes at 100% of their principal amount in May 2010 and January 2011, respectively.
Sinclair expects to settle the tender offers on or around Monday, November 9th, using the proceeds from its recent private placement of $500 million aggregate principal amount of 9.25% senior secured second lien notes due 2017.