Sinclair Broadcast to Refinance Existing Bank Credit Line, Seeking $900M New Term Loans

 Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company")

announced today that its wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"), intends to refinance its existing bank credit facility via an amendment and restatement to raise new term loan and revolving commitments and to introduce increased operating flexibility into the new bank credit facilities.  Sinclair is seeking $900.0 million of new term loans, which is expected to consist of $500.0 million in new term A loans maturing April 2018 and $400.0 million in new term B loans maturing April 2020.  In addition, Sinclair will seek to obtain a new $100.0 million revolving line of credit maturing April 2018.  The new term loans, cash on hand and/or a draw under the new revolving line of credit, are expected to be used refinance amounts outstanding under the existing bank credit facility and to fund the previously announced acquisitions of the Barrington Broadcasting Group and certain of the Cox Media Group television stations, which acquisitions are expected to close in the second quarter of 2013.  Due to timing related to the closing and funding of the acquisitions, approximately $445.0 million of the new term loan commitments are expected to be drawn on a delayed basis.  In connection with this refinancing, Sinclair will seek to introduce additional operating flexibility into the new bank credit facilities, including, increased incremental loan capacity, increased television station acquisition capacity and increased flexibility under the negative covenants.