Sinclair Broadcast Group is trying to buy back some more of its public debt. Its Sinclair Television Group subsidiary announced that it is commencing cash tender offers for any and all of the Company’s outstanding 3.0% Convertible Senior Notes due 2027 and 4.875% Convertible Senior Notes due 2018.
The holders of the 3.0% Notes and 4.875% Notes are entitled to require the company to repurchase those notes at 100% of their principal amount in May 2010 and January 2011, respectively. Approximately $27.7 million of the 3.0% notes and $37.0 million of the 4.875% notes are currently outstanding. The tender offers propose to pay 100% of face value, plus the accrued and unpaid interest.
Sinclair said it intends to fund the offers with cash currently held in a collateral account raised from the prior sale and issuance of its 9.25% Senior Secured Second Lien Notes due 2017. The tender offers are scheduled to expire at midnight on Tuesday, February 23rd.