Pillsbury Advises Sinclair Broadcast Group in over $10 Billion of Debt Financings and Completion of Sinclair’s Acquisition of Disney’s Regional Sports Network Business

Pillsbury represented Sinclair in connection with its indirect subsidiary Diamond Sports Group, LLC obtaining senior secured credit facilities in the aggregate principal amount of $3,950 million, comprised of a $3,300 million term loan facility and a $650 million revolving credit facility. Proceeds from the term loan were used to partially finance the acquisition.

Pillsbury also represented Sinclair in connection with its direct wholly owned subsidiary Sinclair Television Group, Inc. obtaining senior secured credit facilities consisting of a $700 million incremental term loan facility on the same terms as the $600 million incremental term loan facility borrowed on August 13, 2019 and a $650 million revolving credit facility. Proceeds from the $700 million incremental term loan were used to partially finance the acquisition.

In addition, Pillsbury represented Sinclair in connection with the Rule 144A/Reg S offering  of $3,050 million aggregate principal amount of 5.375% senior secured notes due 2026 and $1,825 million aggregate principal amount of 6.625% senior notes due 2027 by Sinclair’s subsidiaries Diamond Sports Group, LLC and Diamond Sports Finance Company. The net proceeds of the offering were released from escrow and used to partially finance the acquisition.

The cross-office, multidisciplinary Pillsbury team included Finance partners Michael E. Michetti, Joel M. Simon and Joseph M. Fastiggi, special counsel Heidi Spalholz, senior associate Cecilia Wang and associates Marissa Prieto and Daniel Welch; Corporate partner Jeffrey B. Grill and associates John C. C. Byrne, II, Ryan Brewer and Ella M. Lvov; and Communications partner Miles S. Mason.