It costs money to buy television stations, and active dealer Sinclair Television Group has found a source of funding that will make put the necessary muscle behind its acquisitive streak. The influx will also fund existing credit.
A billion dollars is involved when everything is totaled up.
A $500M term loan will mature April 2018, carrying a pricetag of LIBOR plus 2.25%; and a second term loan will bring in $400M maturing April 2020 also at LIBOR plus 2.25% and including a LIBOR floor of 0.75%.
In addition, a new $100M revolver is open, maturing April 2018.
Sinclair said that in addition to using the funds to finance its existing facility, proceeds will go toward the acquisition of the Barrington Broadcasting Group, and will fund a portion of its acquisition of stations from Cox Media.