Sinclair Closes Refinancing and Extension of STG Credit Facilities

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BALTIMORE–(Enterprise WIRE)–
Sinclair Broadcast Team, Inc. (“Sinclair” or the “Company”) (Nasdaq: SBGI) announced now that its wholly-owned subsidiary, Sinclair Tv Group, Inc. (“STG”), has entered into the Fourth Modification (“Fourth Amendment”) to its Seventh Amended and Restated Credit Arrangement, dated as of August 23, 2019, as amended with JPMorgan Chase Lender, N.A., as administrative agent, the guarantors social gathering thereto and the creditors and other parties thereto, to, among the other matters, offer for the incurrence of new term financial loans in an mixture principal sum of $750 million (the “Term B-4 Loans”), refinance all outstanding term B-1 financial loans and extend the maturity of $612.5 million of revolving commitments to April 21, 2027. The proceeds of the Time period B-4 Financial loans are staying utilized to refinance all of the current phrase B-1 financial loans and to redeem STG’s fantastic 5.875% senior notes because of 2026. The Phrase B-4 Loans will experienced on April 21, 2029 and will bear fascination, at the selection of STG, at Phrase SOFR plus 3.75% (matter to customary credit unfold adjustments) or at base charge plus 2.75%.

This description of the Fourth Modification is only a summary, and is skilled in its entirety by reference to the entire amendment, a copy of which will be submitted now with the Securities and Exchange Commission (“SEC”) as an exhibit to a Current Report on Variety 8-K.

Ahead-Seeking Statements:

The issues reviewed in this news release incorporate forward-looking statements concerning, among other points, potential events and steps. When utilised in this information launch, the words and phrases “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” and related expressions are intended to recognize ahead-hunting statements. This sort of statements are topic to a number of challenges and uncertainties. True results in the foreseeable future could vary materially and adversely from all those explained in the ahead-searching statements as a end result of various critical things, which includes and in addition to the assumptions established forth therein, but not constrained to: the probable impacts of the COVID-19 pandemic on our business enterprise operations, economic results and financial place and on the globe financial system, which include the considerable disruption to the functions of the experienced sporting activities leagues, will need to present rebates to our distributors associated to canceled skilled sporting gatherings, and loss of advertising and marketing earnings owing to postponement or cancellation of expert sporting gatherings, and lowered client spending as a final result of shelter in put and keep at residence orders our skill to deliver income to services our sizeable indebtedness successful execution of outsourcing agreements the successful execution of retransmission consent agreements the thriving execution of network affiliation and distribution agreements the prosperous execution of media rights agreements with qualified athletics groups the impact of OTT and other emerging systems and their likely impact on cord-slicing the influence of distributors offering “skinny” programming bundles that might not include all programming of our networks pricing and desire fluctuations in nearby and countrywide promotion the prosperous implementation and buyer adoption of our athletics immediate to client platform volatility in programming expenses the market place acceptance of new programming our capability to establish and consummate acquisitions and investments, to manage elevated leverage ensuing from acquisitions and investments, and to achieve expected returns on those investments as soon as consummated the impression of pending and future litigation claims from the Enterprise the ongoing assessment of the Oct cybersecurity celebration, materials lawful, money and reputational threats ensuing from a breach of the Company’s facts programs, and operational disruptions owing to the cybersecurity party the impact of FCC and other regulatory proceedings versus the Company, uncertainties connected with potential variations in the regulatory surroundings impacting our business enterprise and advancement tactic and any hazard things set forth in the Firm’s new stories on Kind 10-Q and/or Form 10-K, as filed with the Securities and Trade Fee. There can be no assurances that the assumptions and other factors referred to in this release will come about. The Enterprise undertakes no obligation to publicly release the end result of any revisions to these ahead-seeking statements besides as required by regulation.

Trader Contacts:

Steve Zenker, VP, Investor Relations

Billie-Jo McIntire, Director, Investor Relations

(410) 568-1500

Media Speak to:

Michael Padovano

[email protected]

Resource: Sinclair Broadcast Team, Inc.