NEW YORK/WASHINGTON, DC – Pillsbury advised Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies in the country, in connection with the Rule 144A/Reg S offering of $3,050,000,000 aggregate principal amount of 5.375% Senior Secured Notes due 2026 and $1,825,000,000 aggregate principal amount of 6.625% Senior Notes due 2027 by Sinclair’s subsidiaries, Diamond Sports Group, LLC and Diamond Sports Finance Company, as part of the financing for the $9.6 billion pending acquisition of a regional sports networks business from The Walt Disney Company.
The offering closed into escrow and, subject to certain conditions, the net proceeds of the offering together with the net proceeds of other debt and equity financings expected to be raised by Sinclair affiliates will be used to fund the acquisition. Upon closing of the acquisition, Sinclair will own the largest collection of regional sports networks in the United States.
This is the largest high-yield bond deal in the U.S. since 2016, according to the Wall Street Journal.
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, and Corporate partner Jeffrey B. Grill and associates John C. C. Byrne, II, Ryan Brewer, Ella M. Lvov and Alexandra Calcado.