Sinclair Broadcast Group Inc. said that its wholly-owned subsidiary, Sinclair Television Group Inc., has refinanced a portion of its senior secured bank credit facility and amended some of the terms, including a rate reduction.
Under the amendment, Sinclair paid down $35 million of its existing $305 million term loan B from available cash on hand, leaving a remaining balance of $270 million. Pricing on the term loan B was also reduced by 50 basis points to LIBOR plus 4.00% with a LIBOR floor of 1.50%. The term loan B maturity of October 29, 2015 was unchanged.
In addition, the company said certain terms of the Bank Credit Agreement were also amended to provide Sinclair more incremental term loan capacity up to $100 million and more flexibility in using its cash balances and the revolving credit facility.