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Sinclair unit to raise new loans for Tribune deal, other corporate purposes

Sinclair Broadcast Group Inc.'s wholly owned subsidiary Sinclair Television Group Inc. intends to raise new incremental term B loans and amend certain terms under its existing bank credit facility.

The company said Nov. 27 that it is seeking about $3.73 billion of new incremental term B loans, maturing in 2024.

Sinclair is expected to use the proceeds from the term B loans to purchase the outstanding shares of Tribune Media Co., refinance certain of Tribune's existing debt, pay costs and expenses expected to be incurred in connection with the acquisition, and for general corporate purposes.

Sinclair agreed to purchase Tribune in May for a total purchase price of about $3.9 billion, plus the assumption of about $2.7 billion in net debt.