BALTIMORE, May 18 /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 an additional $45.0 million aggregate principal amount of the
2012 Notes on June 18, 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 Company has previously announced its intention to redeem $300.0
million aggregate principal amount of the 2012 Notes on June 11, 2007. The
$45.0 million redemption will be funded from the proceeds from the exercise
of the underwriters' over-allotment option on the Company's recently
financed Senior Convertible Notes due 2027. Following the proposed
redemption of the additional $45.0 million aggregate principal amount of
the 2012 Notes, there will be $273.3 million aggregate principal amount of
2012 Notes outstanding.
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 2012 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, of Sinclair Broadcast Group, Inc.,
+1-410-568-1592
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