Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in connection with a Rule 144A/Regulation S offering by Sinclair Television Group, Inc., a wholly owned subsidiary of Sinclair Broadcast Group, Inc. (“Sinclair”), of $750 million aggregate principal amount of 4.125% Senior Secured Notes due 2030. Sinclair used the net proceeds from the offering of the notes, plus cash on hand, to redeem its 5.625% Senior Notes due 2024 and to repay certain of its outstanding borrowings under its term loan facility. The offering of the Senior Secured Notes was upsized from the previously announced size of $550 million.
The Firm also represented JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, in connection with an amendment to Sinclair’s existing Seventh Amended and Restated Credit Agreement to, among other things, extend the maturity date of Sinclair’s revolving credit facility to December 4, 2025.
Based in Hunt Valley, Maryland, Sinclair is one of the largest and most diversified television broadcasting companies in the country, a local news provider and a producer of live sports content.
The Simpson Thacher team for the transaction included John C. Ericson, Matt Hart, Catherine Ciriello and Deul Lim (Capital Markets); Justin Lungstrum, Edward Bersuder, Michael Brennan and Abdul Fasinro (Banking and Credit); Jonathan Pall (Collateral); Nancy Mehlman and Stefan Golubovic (Tax); Jake Phillips (ECEB); Melanie Jolson and Elizabeth Gladstone (Intellectual Property); and Jennie Getsin (Blue Sky).