SINCLAIR BROADCAST GROUP, INC. (NASDAQ:SBGI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
wholly-owned subsidiary of Sinclair Broadcast Group, Inc. (the
Company), entered into a Third Amendment (the Loan Amendment), to
its Sixth Amended and Restated Credit Agreement, dated as of July
31, 2014, as amended (the “Bank Credit Agreement”).
loans (the “Loans”) has been extended from April 9, 2020 and July
31, 2021 to January 3, 2024. In connection with the extension,
Sinclair has also attained additional operating flexibility,
including a reduction in certain pricing terms related to the
Loans and its existing revolving credit facility and revisions to
certain covenant ratio requirements.
restrictive covenants, including, but not limited to,
restrictions on indebtedness, liens, payments, investments,
mergers, consolidations, liquidations and dissolutions,
acquisitions, sales and other dispositions of assets, loans and
advances and affiliate transactions and (ii) a first lien
indebtedness ratio covenant. The Bank Credit Agreement also
continues to include affirmative covenants, representations and
warranties and events of default, including certain cross-default
and cross-acceleration provisions, customary for an agreement of
its type, some of which have been modified by the Loan Amendment
as set forth fully in Exhibit 10.1 hereto.
jointly and severally guaranteed by the guarantors party thereto
(the “Guarantors”), which include the Company and certain
subsidiaries of the Company and (ii) secured by a first-priority
lien on substantially all of the tangible and intangible assets
(whether now owned or hereafter arising or acquired) of STG and
the subsidiaries of STG and the Company that are Guarantors and,
with respect to the Company, the capital stock of certain of its
directly owned subsidiaries.
of the terms under the Loan Amendment or the Bank Credit
Agreement and the transactions contemplated thereby, and such
summary is qualified in its entirety by reference to the Loan
Amendment, a copy of which is attached as an exhibit to this
filing.
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
1.01 above and is incorporated herein by reference.
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10.1
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Third Amendment to the Sixth Amended and Restated Credit
Agreement, dated as of January 3, 2017, by and among Sinclair Television Group, Inc., the guarantors party thereto, JP Morgan Chase Bank, N.A., as administrative agent, and the lenders and other parties thereto. |
About SINCLAIR BROADCAST GROUP, INC. (NASDAQ:SBGI)
Sinclair Broadcast Group, Inc. is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations. The Other segment primarily consists of original networks and content, digital and Internet solutions, technical services and other non-media investments. The Company owns and provides programming and operating services pursuant to local marketing agreements (LMAs), or provides sales services and other non-programming operating services pursuant to joint sales agreements (JSA) and shared services agreements (SSA) to approximately 160 stations in over 80 markets. These stations broadcast over 440 channels, including 215 channels affiliated with primary networks or program service providers. It has a total of over 10 other low powered stations. SINCLAIR BROADCAST GROUP, INC. (NASDAQ:SBGI) Recent Trading Information
SINCLAIR BROADCAST GROUP, INC. (NASDAQ:SBGI) closed its last trading session down -0.70 at 33.30 with 813,718 shares trading hands.
