BALTIMORE, May 10 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group,
Inc. (Nasdaq: SBGI) announced today that its wholly-owned subsidiary,
Sinclair Television Group ("STG") has notified the trustee for its existing
8.0% Senior Subordinated Notes due 2012 (the "2012 Notes") that it will
redeem $300.0 million aggregate principal amount of the 2012 Notes plus the
associated call premium and accrued interest, thereon, on June 11, 2007.
The redemption will be effected in accordance with the terms of the
indenture governing the 2012 Notes at a redemption price of 104.0% of the
principal amount of the 2012 Notes plus accrued and unpaid interest. The
redemption of the 2012 Notes, plus the associated call premium and accrued
interest, thereon will be funded from the net proceeds of Sinclair
Broadcast Group's recently completed offering of $300.0 million aggregate
principal amount of 3% Senior Convertible Notes due 2027, cash on hand and
bank debt.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the 2012 Notes.
Forward-Looking Statements:
The matters discussed in this press release include forward-looking
statements regarding, among other things the Company's intention to
partially redeem the 8.0% senior subordinated notes. When used in this
press release, the words "intends to," "anticipates," "expects," and
similar expressions are intended to identify forward-looking statements.
Such statements are subject to a number of risks and uncertainties. Actual
results in the future could differ materially and adversely from those
described in the forward-looking statements as a result of various
important factors, including the impact of changes in national and regional
economies, changes in the interest rate environment, other credit facility
market conditions, the ability to successfully syndicate the bank credit
facility and the other risk factors set forth in the Company's most recent
reports on Form 10-Q and Form 10-K, as filed with the Securities and
Exchange Commission. There can be no assurances that the assumptions and
other factors referred to in this release will occur. The Company
undertakes no obligation to update these forward-looking statements except
as required by law.
SOURCE Sinclair Broadcast Group, Inc.
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Related links:
http://www.sbgi.net
http://www.prnewswire.com/comp/110203.html /
CONTACT:
David Amy, EVP & Chief Financial Officer, or
Lucy Rutishauser, Treasurer, +1-410-568-1592
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