Sinclair Increases Bank Credit Facility

Sinclair Increases Bank Credit Facility

BALTIMORE, Dec. 21 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) announced today that its wholly owned subsidiary, Sinclair Television Group ("STG"), has amended certain terms of its bank credit facility. Specifically, STG added a $225.0 million delayed-draw term loan A-1 facility. The term loan matures December 2012 with minimal amortization beginning March 31, 2009. Term loan borrowings bear interest at LIBOR plus 1.25%, with interest rate reductions based on STG's overall leverage. STG also modified certain financial covenants. STG intends to use the proceeds from the increased availability, along with cash on hand and additional borrowings under its revolving facility to redeem its 8.75% Senior Subordinated Notes due 2011.

Commenting on the amendment, David Amy, Executive Vice President and CFO of Sinclair, said, "The current lending environment, our improved credit profile and cash flow generation, have allowed us the opportunity to access the bank lending market at more favorable terms. The changes made to our bank facility provide us the opportunity to call our 8.75% bonds and save approximately $6.0 million in annual interest costs, as well as providing the Company some level of prepayable debt in which to apply future cash flow, absent other uses."

This announcement is not an offer to purchase or a solicitation of an offer to purchase any securities.

Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, currently owns and operates, programs or provides sales services to 58 television stations in 36 markets. Sinclair's television group reaches approximately 22% of U.S. television households and is affiliated with all the major networks.

Forward-Looking Statements:

The matters discussed in this press release include forward-looking statements regarding, among other things, the amendment of the Company's bank credit facility and the Company's intention to redeem the 8.75% Senior Subordinated Notes. When used in this press release, the words "intends to," "anticipates," "expects," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the impact of changes in national and regional economies, changes in the interest rate environment, other credit facility market conditions, the ability to successfully syndicate the bank credit facility and the other risk factors set forth in the Company's most recent reports on Form 10-Q and Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to update these forward-looking statements except as required by law.

First Call Analyst: Lucy Rutishauser
FCMN Contact:

Source: Sinclair Broadcast Group, Inc.

CONTACT: David Amy, EVP & CFO, or Lucy Rutishauser, Treasurer, both of
Sinclair Broadcast Group, +1-410-568-1500

Web site: http://www.sbgi.net/

Company News On-Call: http://www.prnewswire.com/comp/110203.html

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