Rochester, NY 8/25/2009 12:10:14 AM
Sinclair Broadcast Group, Inc. SBGI, Sinclair Hits Tentative Agreement
Sinclair Broadcast Group, Inc. SBGI
Sinclair Broadcast Group, Inc. and its advisors met with members of the ad hoc committee formed by certain holders of its 3.0% and 4.875% Convertible Senior Notes and with their advisors last August 10,2009. The Committee consists of holders of approximately 50% of the outstanding principal amount of the Convertible Notes.
The holders of the 3.0% and 4.875% Convertible Notes are entitled to require the Company to repurchase such Convertible Notes at 100% of their principal amount in May 2010 and January 2011, respectively. Approximately $294.3 million of the 3.0% Convertible Notes and $143.5 million of the 4.875% Convertible Notes are currently outstanding.
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