Sinclair (SBGI) said Tuesday that Sinclair Television Group and certain affiliated entities agreed with certain creditors to restructure its debt with new money financings and a debt recapitalization.
The transactions include a first-out first lien revolving credit facility of up to $650 million, the refinancing and/or exchange of outstanding $714 million terms loan B-3 and $731 million term loans B-4 into second-out first lien term loans, and an exchange offer for $246 million of existing secured notes for 4.375% senior second-out secured notes due 2032, according to the company.
Sinclair Television will also purchase or redeem for cash up to $59.3 million in existing secure notes and up to $104.2 million of 5.125% senior unsecured notes at 84% and 97% of the principal amount, respectively.
Sinclair Television will also exchange $432 million of existing secured notes with 9.75% senior secured second lien notes due 2033 and issue up to $50 million of new second lien notes.
The company said proceeds will be used to repay $1.18 billion in term loans B-2, fund the notes repurchase and cover transaction costs.
Shares were edging 0.3% higher in recent trading.
Price: 15.56, Change: +0.01, Percent Change: +0.06
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。