Sinclair Broadcast announces $310 million 10-year notes in drive-by deal

By Paul A. Harris

St. Louis, Mo., Nov. 28 - Price talk of 8 7/8%-9% surfaced Wednesday on a drive-by deal from Sinclair Broadcast Group, Inc. The offering will be $310 million of 10-year senior subordinated notes (B2/B) via joint bookrunners Deutsche Banc Alex. Brown and J.P. Morgan, according to a syndicate source.

The new deal will be sold under Rule 144A and will be non-callable for five years. The notes will likely contain the standard equity clawback of 35% for three years, the syndicate source said.

Proceeds will be used to redeem Sinclair's existing 10% senior subordinated notes due Sept. 30, 2005 (CUSIP 829226AB5), and to pay the associated call premium on the notes.

The company is headquartered in Cockeysville, Md.<

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