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Sinclair Amends and Extends Bank Credit Agreement

July 20, 2016, 07:20 AM
Filed Under: Media

Sinclair Broadcast Group announced that its wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"), has obtained an extension of the maturity date of certain loans and commitments under its existing bank credit facility until July 31, 2021.

Sinclair has extended the maturity date of 80.3% of its pro rata commitments under its revolving credit facility and term A loans ("the Loans") from April 9, 2018 to July 31, 2021.  The amount is comprised of $485.2 million in revolving credit commitments and $139.5 million of term loan A loans.  The remaining $153.5 million of outstanding term A loans will mature April 9, 2018.  In connection with the transaction, extending lenders agreed to a reduction in certain pricing terms related to the Loans based on satisfying certain covenant ratios. 

Sinclair is one of the largest and most diversified television broadcasting companies in the country. Including pending transactions, the Company owns, operates and/or provides services to 173 television stations in 81 markets, broadcasting 484 channels and having affiliations with all the major networks. Sinclair is the leading local news provider in the country, as well as 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.

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