Sinclair Broadcast Group has succeeded in buying back the majority of the 8% senior subordinated notes due 2012 it is seeking to repurchase as part of a dual tender announced last month – and there are still a few more days to go.
Sinclair’s wholly owned Sinclair Television Group was offering an early tender/consent premium of $30 per $1,000 face value for those holders who tendered by an October 1st deadline, making the price $1,002.50. The company reported that $176.5 million, or 78.1% of the issue outstanding, had been tendered by October 1st. More may still be tendered until October 18th, but for payment of $972.50 per $1,000 face value.
October 18th is also the deadline for tenders of Sinclair’s 6% convertible subordinated debentures due 2012. But since no early tender premium was offered, the company has not reported on how that tender is going.