UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

Form 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

 

Date of Report (Date of earliest event reported)    January 19, 2007

 

 

Commission File Number 000-26076

 

 

SINCLAIR BROADCAST GROUP, INC.

(Exact name of registrant)

 

 

 

10706 Beaver Dam Road

Hunt Valley, MD  21030

(Address of principal executive offices and zip code)

 

 

(410) 568-1500

(Registrant’s telephone Number)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

SINCLAIR BROADCAST GROUP, INC.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On January 19, 2007, Sinclair Television Group, Inc. (“STG”), a wholly-owned subsidiary of Sinclair Broadcast Group, Inc. (the “Company”), received net proceeds of $225.0 million under its Term Loan A-1 facility pursuant to its third amended and restated credit agreement with JPMorgan Chase Bank N.A. (the “Credit Agreement”). A description of the terms and conditions of the Credit Agreement are included in our current report on Form 8-K filed with the SEC on December 28, 2006.

Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On January 22, 2007, STG redeemed, in full, $307.4 million aggregate principal amount of its existing 8.75% Senior Subordinated Notes due 2011 (the “2011 Notes”).  The 2011 Notes were redeemed at our option in accordance with the terms of the indenture governing the 2011 Notes at a redemption price of 104.375% of the principal amount of the 2011 Notes plus accrued and unpaid interest.  The redemption of the 2011 Notes and payment of accrued interest was funded from the net proceeds of the Company’s $225.0 million Term Loan A-1 facility, borrowings under its revolving facility and cash on hand.

                               

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		SINCLAIR BROADCAST GROUP, INC.
		By:		/s/ David R. Bochenek
		Name:		David R. Bochenek
		Title:		Vice President/Chief Accounting Officer

 

Dated: January 25, 2007