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Sinclair to Seek Partial Amendment and Extension of STG Credit Facilities

Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc. (“STG”), intends to enter into an amendment (the “Amendment”) to its credit agreement to provide for, among other things, the incurrence of new term loans in order to refinance the outstanding term loan B-1 tranche under its credit agreement (which currently has a maturity date of January 3, 2024) with new term loans which will provide for a maturity date that is seven years after the effectiveness of the Amendment and to redeem its outstanding 5.875% senior notes due 2026 (the “5.875% Notes”). The Amendment will also extend the maturity date of its revolving credit facility to the date that is five years after the effectiveness of the Amendment.

The Amendment is subject to market and other customary closing conditions.

This press release shall not constitute a notice of redemption of the 5.875% Notes. A notice of redemption may only be made by a notice of redemption provided by STG or the trustee for the 5.875% Notes to the holders of the 5.875% Notes in accordance with the indenture governing the 5.875% Notes. This press release is neither an offer to purchase nor a solicitation of an offer to sell the 5.875% Notes or any other securities, and this press release shall not constitute an offer to sell nor a solicitation of an offer to buy any securities.

Forward-Looking Statements:

The matters discussed in this news release include forward-looking statements regarding, among other things, future events and actions. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” 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 and in addition to the assumptions set forth therein, but not limited to: STG’s ability to consummate the proposed Amendment and the extension of certain loans and commitments under its credit agreement; the potential impacts of the COVID-19 pandemic on our business operations, financial results and financial position and on the world economy, including the significant disruption to the operations of the professional sports leagues, need to provide rebates to our distributors related to canceled professional sporting events, and loss of advertising revenue due to postponement or cancellation of professional sporting events, and reduced consumer spending as a result of shelter in place and stay at home orders; our ability to generate cash to service our substantial indebtedness; successful execution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network affiliation and distribution agreements; the successful execution of media rights agreements with professional sports teams; the impact of OTT and other emerging technologies and their potential impact on cord-cutting; the impact of distributors offering "skinny" programming bundles that may not include all programming of our networks; pricing and demand fluctuations in local and national advertising; the successful implementation and consumer adoption of our sports direct to consumer platform; volatility in programming costs; the market acceptance of new programming; our ability to identify and consummate acquisitions and investments, to manage increased leverage resulting from acquisitions and investments, and to achieve anticipated returns on those investments once consummated; the impact of pending and future litigation claims against the Company; the ongoing assessment of the October cybersecurity event, material legal, financial and reputational risks resulting from a breach of the Company's information systems, and operational disruptions due to the cybersecurity event; the impact of FCC and other regulatory proceedings against the Company, uncertainties associated with potential changes in the regulatory environment affecting our business and growth strategy; and any risk factors set forth in the Company's recent reports on Form 10-Q and/or 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 publicly release the result of any revisions to these forward-looking statements except as required by law.

Contacts

Investor Contacts:

Steve Zenker, VP, Investor Relations

Billie-Jo McIntire, Director, Investor Relations

(410) 568-1500

Media Contact:

Michael Padovano

mpadovano@5wpr.com

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