Sinclair Announces Funding for Allbritton Purchase

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By Kevin Eck Comment

sinclair_allbrittonSinclair Broadcast Group announced it has lined up the funding to buy Allbritton Communications.

In a press release, the station group announced Sinclair Television Group, a subsidiary, has closed its private offering of $550 million worth of senior unsecured notes due in 2024. Sinclair said it plans to use the money from the funds along with $400 million in loans, a revolving credit line and cash to pay for the deal.

Last July, Sinclair announced it was buying Allbritton for $985 million.

The station group reportedly cleared the last hurdle blocking approval of the deal last week by agreeing to a settlement with the Department of Justice’s Antitrust Division. As part of the deal, Sinclair agreed to sell Harrisburg, PA, ABC affiliate WHTM as soon as the purchase goes through.