Sinclair Readies $450M Private Placement

Proceeds to help fund Allbritton purchase
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Sinclair Broadcast Group said Wednesday that its wholly-owned subsidiary Sinclair Television Group intends to offer up to $450 million in senior unsecured notes to help fund its $985 million purchase of Allbritton Communications.

Sinclair said in a statement that the notes are expected to mature in 2024 and will be guaranteed by Sinclair and certain Sinclair subsidiaries. The private placement is subject to customary closing conditions.

Sinclair agreed to purchase Allbritton last July. Allbritton includes seven ABC affiliate broadcast stations and Newschannel 8, a 24-hour cable/satellite news network covering the Washington, D.C. metropolitan area. Sinclair has been one of the more aggressive purchasers of broadcast stations in the past few years, aggreeing to several deals worth more than $3 billion.

For the full story go to Multichannel.com.

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