Sinclair Television launches $500 million term loan B, amendment

By Sara Rosenberg

New York, July 9 – Sinclair Television Group Inc. launched on its call on Wednesday a $500 million seven-year incremental term loan B and an amendment to its existing credit facility, according to a market source.

The term loan B is talked at Libor plus 250 basis points to 275 bps with a 0.75% Libor floor and an original issue discount of 99˝, the source said.

RBC Capital Markets, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the bookrunners on the deal.

Along with the term loan B, the company is seeking to convert drawn and delayed-draw term loan A commitments into revolving commitments, on the same terms, so that there will be a minimum of $465 million in revolving commitments in total.

The company is also looking to amend certain terms of its credit facility to add operating flexibility.

Proceeds from the term loan B, cash on hand and/or a draw under the revolver and $450 million of senior notes will be used to fund the acquisition of Allbritton Communications’ television stations and for general corporate purposes.

Commitments and amendment consents are due at noon ET on July 18, the source added.

Sinclair is a Hunt Valley, Md.-based television broadcasting company.

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