“Sinclair (NASDAQ:SBGI) Announces Agreement with Creditors for Liquidity Enhancing Transaction

Sinclair, Inc. (NASDAQ: SBGI) recently disclosed the signing of a Transaction Support Agreement with affiliated entities, including Sinclair Television Group, Inc. The agreement, dated January 12, 2025, involves certain secured creditors and holders of senior secured notes. The main objective of the agreement is to execute new money financings and undertake a debt recapitalization to fortify the company’s financial position and enhance its long-term growth prospects.

Through this agreement, Sinclair aims to boost its liquidity and flexibility. The refinancing activities are expected to extend the maturity of its debts, significantly reduce its first lien net leverage, and enhance its financial flexibility for future operations. Chris Ripley, President and CEO of Sinclair, expressed confidence in the agreement, stating that it positions the company for success in the long run and benefits all stakeholders.

Key elements of the agreement include the provision for a First-Out First Lien Credit Facilities, term loan exchanges, exchange offers, private debt repurchases, and private exchange offers. These activities aim to optimize the company’s debts, provide financing flexibility, and support its operational efficiency.

The completion of these transactions is subject to several conditions, including finalizing definitive agreements, obtaining necessary consents from lenders and noteholders, and meeting the conditions outlined in the Transaction Support Agreement.

It is important to note that this current report does not serve as an offer to sell securities or solicit offers to buy securities. Additionally, any forward-looking statements made in this report carry inherent risks and uncertainties. Sinclair does not undertake any obligation to update such statements beyond legal requirements.

Investors can find more information in the Form 8-K filing on the Securities and Exchange Commission’s website. The company’s legal advisors include Pillsbury Winthrop Shaw Pittman LLP, Fried Frank Harris Shriver & Jacobson LLP, and J.P. Morgan, among others. Financial advisors involved are Perella Weinberg Partners LP.

For further details, investors can contact Christopher C. King, VP of Investor Relations, and Billie-Jo McIntire, VP of Corporate Finance, at (410) 568-1500. Media inquiries can be directed to [email protected].”

This concludes the news article based on the 8-K SEC filing for Sinclair (NASDAQ:SBGI).

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sinclair’s 8K filing here.

About Sinclair

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.