By Dean Seal
Sinclair said its television group has reached an agreement with creditors on principal terms for new financings and a debt recapitalization that should enhance its liquidity.
The broadcasting company said Tuesday that Sinclair Television Group entered into a transaction support agreement with lenders that represent about 80% of the company's outstanding loans under its existing credit facilities, as well as holders of about 75% of its existing secured notes.
The refinancings are expected to push the company's closest meaningful maturity to December 2029 and extend all maturities to a weighted average of 6.6 years, Sinclair Chief Executive Chris Ripley said.
The agreement should also cut the company's first lien net leverage and improve its financial optionality, Ripley said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 14, 2025 07:54 ET (12:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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