Sinclair, Inc. (SBGI): debt financing — Sinclair subsidiary completes $1.43B debt recapitalization with new notes and credit facilities

Sinclair, Inc.

Issued $1.43B of 8.125% First-Out First Lien Secured Notes due 2033; proceeds repay $1.175B TLB-2 and fees.
Established $575M first-out revolving credit facility with a 3.5x leverage maintenance covenant if >35% drawn.
Exchanged ~$267.2M of Existing 2030 Notes for new 4.375% Second-Out Notes due 2032; Supplemental Indenture eliminates most covenants.
Privately exchanged $432M of 2030 Notes for 9.750% Senior Secured Second Lien Notes due 2033.
Repurchased $63.6M of 2030 Notes at 84% and $104M of 5.125% 2027 Notes at 97% of principal, plus accrued interest.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sinclair, Inc. incurred senior notes of $1,430 million with U.S. Bank Trust Company, National Association at 8.125% per annum maturing February 15, 2033.

Instrument: senior notes
Principal: $1,430 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 8.125% per annum
Maturity: February 15, 2033
Event: incurrence

Exact text from the filing

On February 12, 2025, STG issued $1,430 million aggregate principal amount of 8.125% First-Out First Lien Secured Notes due 2033 (the “New First-Out Notes”), which mature on February 15, 2033, pursuant to an indenture, dated as of February 12, 2025

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Sinclair, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-025610

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