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Article Excerpt
M2 PRESSWIRE-25 August 2009-www.StockMarketingInc.com: $$ Sign Up For Our Free Newsletter!!! $$ (NASDAQ: SBGI) Sinclair Broadcast Group, Inc., (OTCBB: MCET) MultiCell Technologies, Inc., (Pinksheets: SNRR) Super Nova Resources, Inc.(C)1994-2009 M2 COMMUNICATIONS
RDATE:25082009
STOCK MARKETING INC PRESENTS :: (NASDAQ: SBGI) Sinclair Broadcast Group, Inc., (OTCBB: MCET) MultiCell Technologies, Inc., (Pinksheets: SNRR) Super Nova Resources, Inc.
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(NASDAQ: SBGI) Sinclair Broadcast Group, Inc.
LATEST NEWS!!
"Sinclair calls debt refinancing near"
Aug 22, 2009 -- Sinclair Broadcast Group Inc., which had said it might be forced to file for bankruptcy protection because of substantial debt coming due, said it has reached a tentative deal to pay off nearly $438 million in convertible notes.
Under an agreement reached with a committee of note holders, Sinclair subsidiary Sinclair Television Group would issue notes that would mature in 2014 and be secured by a second lien on assets securing the television group's bank credit facility.
The broadcaster would use the proceeds to repurchase outstanding debt from note holders who are entitled to exercise options in May 2010 and January 2011. The company said it has a total $438 million of those convertible notes outstanding.
Sinclair said it would pay note holders 90 cents to 93.5 cents on the dollar, an offer that would depend upon getting at least 95 percent participation by note holders and raising sufficient funds from the private placement of notes.
The Hunt Valley owner of TV stations, facing declining advertising revenue amid the recession, said last month that it might consider...
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