Sinclair's Debt Refinancing Boost
Deal News | Mar 20, 2025 | Pillsbury Winthrop Shaw Pittman LLP
Pillsbury Winthrop Shaw Pittman LLP recently represented Sinclair Television Group, Inc. (STG), an arm of the diversified media company Sinclair, Inc., in a strategic series of debt refinancing transactions. These transactions involved issuing $1,430 million in 8.125% first-out first lien secured notes due in 2033, alongside the establishment of new credit facilities including a $575 million revolving credit line and principal amounts of term loans maturing in 2029 and 2030. A series of exchanges and repurchases of existing notes were also part of the strategy, aimed at enhancing liquidity and refinancing existing debt obligations. This comprehensive financial maneuvering, led by a cross-office team from Pillsbury, underscores Sinclair's efforts to improve its financial standing and operational flexibility.
Sectors
- Media & Entertainment
- Financial Services
- Legal Services
Geography
- United States – Sinclair, Inc. is a prominent media company based in the United States, and Pillsbury Winthrop Shaw Pittman LLP also operates heavily within the US.
Industry
- Media & Entertainment – Sinclair, Inc. operates in the media industry, providing local news and sports, signifying the involvement of Media & Entertainment.
- Financial Services – The debt refinancing transactions executed by Sinclair involve complex financial services, highlighting the relevance of the Financial Services sector.
- Legal Services – Pillsbury Winthrop Shaw Pittman LLP's involvement indicates the role of Legal Services in advising and facilitating the refinancing process.
Financials
- $1,430 million – Aggregate principal amount of 8.125% first-out first lien secured notes due 2033 issued by STG.
- $575 million – First-out first lien revolving credit facility maturing in February 2030.
- $711.4 million – Aggregate principal amount of second-out first lien B-6 term loans maturing December 31, 2029.
- $731.3 million – Aggregate principal amount of second-out first lien B-7 term loans maturing December 31, 2030.
- $432 million – Aggregate principal amount of 9.75% second lien secured notes exchanged for existing 4.125% senior secured notes.
- $267.2 million – Exchange of existing 4.125% senior secured notes for 4.375% second-out first lien notes.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sinclair, Inc. | Parent Company | Company | A diversified media company that owns Sinclair Television Group, Inc. |
| Sinclair Television Group, Inc. (STG) | Target Company | Company | An indirect, wholly-owned subsidiary of Sinclair, Inc., involved in the debt refinancing transactions. |
| Pillsbury Winthrop Shaw Pittman LLP | Legal Advisor | Company | A law firm that advised Sinclair on their debt refinancing transactions. |
| Jeffrey Grill | Partner | Person | A partner at Pillsbury, part of the cross-office team advising Sinclair. |
| Joseph Fastiggi | Partner | Person | A partner at Pillsbury, part of the advisory team for Sinclair. |