Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) to clear its early notes redemption


Dallas, Texas 09/25/2013 (Financialstrend) – On September 23, Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) announced that has received notice to retire its $5.4 million (principal amount) senior notes which were originally due in 2027. These senior notes had an interest liability of 3%. The company has indicated that the notes will be fully paid out in cash as per set parameters in the governing agreement which was entered into during the note issue.  The total cash payout will be predicated by the value of its stock at the end of 20 trading day base period which began on September 24. It is expected to end on October 21 with the tentative payout date being October 24.

The company shares were up 2.97% in yesterday’s trading. The stock settled at $51.52 per share, up $0.91 per share from its previous day close. It outperformed both the Dow Jones and the Consumer Services index (both indices ended in the red) by a wide margin. More than 2.11 shares of the company changed hands, which was slightly more than its 65 day average trade volume of 1.57 million per day. The stock is within touching distance of its 52 week high valuation. It is currently down 0.88% from its 52 week high price of $31.08 and is up more than 230% from its 52 week low pricing of $9.46 which it had hit in November last year.

The market capitalization of this 4000 employee strong company is $2.9 billion with 92.08 shares outstanding. It had notched up annual sales of $1.19 billion the previous year and has been demonstrating strong fundamentals with over 25% increase in sales quarter over quarter and 86% earnings per shares year to date. The company is one of the largest broadcasters in North America with viewership spread across 76 markets country wide which it services via 156 television stations.