Sinclair completes tender offers

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Sinclair Television Group, a wholly-owned subsidiary of Sinclair Broadcast Group, announced the completion of the dual tender offers it had made for some of its outstanding bonds. In all, about $233.7 million of the company’s debt is being bought back. The funding will come from Sinclair’s recent private placement of $250 million in new notes.


Sinclair had tendered for up to $60.0 million of its outstanding 6.0% Convertible Subordinated Debentures due 2012.  As of the Monday (10/18) deadline, holders representing approximately 45.3% ($58.0 million) in principal amount of the Debentures had validly tendered and not validly withdrawn their Debentures.  

The second tender offer was for any and all of Sinclair’s outstanding 8.0% Senior Subordinated Notes due 2012. By the Monday deadline  holders representing approximately 78.2% ($175.7 million) in principal amount of the Notes had validly tendered and not validly withdrawn their Notes.  This includes the results of all holders who tendered at or prior to the early tender premium deadline on October 1st.