BALTIMORE, Dec. 12, 2017 /PRNewswire/ -- Sinclair Broadcast
Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) announced
today that its wholly-owned subsidiary, Sinclair Television Group,
Inc. ("STG"), has raised new incremental term B loans and amended
certain terms under its existing bank credit facility.
Sinclair raised $3.725 billion of
new term B loans maturing 2024 and priced at LIBOR plus
2.50%. The proceeds from the term B loans, which will be
drawn at closing, are expected to be used to purchase the
outstanding shares of Tribune Media Company ("Tribune"), refinance
certain of Tribune's existing indebtedness, pay costs and expenses
expected to be incurred in connection with the acquisition, and for
general corporate purposes.
Sinclair is one of the largest and most diversified television
broadcasting companies in the country. Pro forma for the Tribune
acquisition (before any related divestitures), the Company will
own, operate and/or provide services to 233 television stations in
108 markets. The Company has multiple emerging networks as
well as stations affiliated with all the major networks. Sinclair
is a leading local news provider in the country and a producer of
live sports content. Sinclair's content is delivered via multiple
platforms, including over-the-air, multi-channel video program
distributors, and digital platforms. The Company regularly uses its
website as a key source of Company information which can be
accessed at www.sbgi.net.
Forward-Looking Statements:
The matters discussed in this news release include
forward-looking statements regarding, among other things, future
operating results. 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, the impact of
changes in national and regional economies, the completion of the
FCC spectrum repack, the volatility in the U.S. and global
economies and financial credit markets which impact our ability to
forecast or refinance our indebtedness as it comes due, successful
execution of outsourcing agreements, pricing and demand
fluctuations in local and national advertising, volatility in
programming costs, the market acceptance of new programming, the CW
Television and MyNetworkTV programming, our news share strategy,
our sales initiatives, the execution of retransmission consent
agreements, our ability to identify and consummate investments in
attractive non-television assets and to achieve anticipated returns
on those investments once consummated, 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 8-K, 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.
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SOURCE Sinclair Broadcast Group, Inc.