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NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING | 6 Months Ended
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Jun. 30, 2024
Debt Instrument [Line Items] |
NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING | NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING: Bank Credit Agreement and Notes The bank credit agreement of Sinclair Television Group, Inc. ("STG"), a wholly-owned subsidiary of SBG (the "Bank Credit Agreement"), includes a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank Credit Agreement), which requires such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter, which is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day of each fiscal quarter, is utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving credit facility as of June 30, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit Agreement. As of June 30, 2024, the STG first lien leverage ratio was above 4.5x, which effectively reduces STG's borrowing capacity under the revolving credit facility from $650 million to $228 million. The Bank Credit Agreement contains other restrictions and covenants with which STG was in compliance as of June 30, 2024. During the six months ended June 30, 2024, we repurchased $27 million aggregate principal amount of the Term Loan B-2, due September 30, 2026, for consideration of $25 million. The portions of the Term Loan B-2 purchased were canceled immediately following their acquisition. We recognized a gain on extinguishment of the Term Loan B-2 of $1 million for the six months ended June 30, 2024. Finance Leases to Affiliates The current portion of notes payable, finance leases, and commercial bank financing in our consolidated balance sheets includes finance leases to affiliates of $2 million as of both June 30, 2024 and December 31, 2023. Notes payable, finance leases, and commercial bank financing, less current portion, in our consolidated balance sheets includes finances leases to affiliates of $11 million and $5 million as of June 30, 2024 and December 31, 2023, respectively. See Note 9. Related Person Transactions. Debt of Variable Interest Entities and Guarantees of Third-Party Obligations STG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both June 30, 2024 and December 31, 2023, all of which related to consolidated VIEs and is included in our consolidated balance sheets as of both June 30, 2024 and December 31, 2023. We have also provided a guarantee that requires us to provide funding to Marquee regional sports network ("Marquee") if Marquee's free cash flow generated in the applicable year and its existing cash balance are insufficient to allow Marquee to make certain payments under certain of Marquee's agreements with affiliates of the Chicago Cubs, an affiliate of which is also a co-owner of Marquee. The funding obligation under the guarantee is subject to a maximum annual amount of $117 million with annual escalations of 4% for the next five years. We have determined that, as of June 30, 2024, it is not probable that we would have to perform under any of these guarantees. See Note 5. Commitments and Contingencies for additional information. Interest Rate Swap We entered into an interest rate swap effective February 7, 2023 and terminates on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of June 30, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset o f $7 million and $1 million, respectively, which are recorded in other assets in our consolidated balance sheets.
Sinclair Broadcast Group, LLC |
Debt Instrument [Line Items] |
NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING | NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING: Bank Credit Agreement and Notes The bank credit agreement of Sinclair Television Group, Inc. ("STG"), a wholly-owned subsidiary of SBG (the "Bank Credit Agreement"), includes a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank Credit Agreement), which requires such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter, which is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day of each fiscal quarter, is utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving credit facility as of June 30, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit Agreement. As of June 30, 2024, the STG first lien leverage ratio was above 4.5x, which effectively reduces STG's borrowing capacity under the revolving credit facility from $650 million to $228 million. The Bank Credit Agreement contains other restrictions and covenants with which STG was in compliance as of June 30, 2024. During the six months ended June 30, 2024, STG purchased $27 million aggregate principal amount of the Term Loan B-2, due September 30, 2026, for consideration of $25 million. The portions of the Term Loan B-2 purchased were canceled immediately following their acquisition. STG recognized a gain on extinguishment of the Term Loan B-2 of $1 million for the six months ended June 30, 2024. Finance Leases to Affiliates The current portion of notes payable, finance leases, and commercial bank financing in SBG's consolidated balance sheets includes finance leases to affiliates of $2 million as of both June 30, 2024 and December 31, 2023. Notes payable, finance leases, and commercial bank financing, less current portion, in SBG's consolidated balance sheets includes finances leases to affiliates of $11 million and $5 million as of June 30, 2024 and December 31, 2023, respectively. See Note. 8 Related Person Transactions. Debt of Variable Interest Entities and Guarantees of Third-Party Obligations STG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both June 30, 2024 and December 31, 2023, all of which related to consolidated VIEs and is included in our consolidated balance sheets as of both June 30, 2024 and December 31, 2023. SBG has also provided a guarantee that requires SBG to provide funding to Marquee regional sports network ("Marquee") if Marquee's free cash flow generated in the applicable year and its existing cash balance are insufficient to allow Marquee to make certain payments under certain of Marquee's agreements with affiliates of the Chicago Cubs, an affiliate of which is also a co-owner of Marquee. The funding obligation under the guarantee is subject to a maximum annual amount of $117 million with annual escalations of 4% for the next five years. SBG has determined that, as of June 30, 2024, it is not probable that SBG would have to perform under any of these guarantees. See Note 5. Commitments and Contingencies for additional information. Interest Rate Swap SBG entered into an interest rate swap effective February 7, 2023 and terminates on February 28, 2026 in order to manage a portion of SBG's exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and SBG receives a floating rate of interest based on SOFR. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of June 30, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset o f $7 million and $1 million, respectively, which are recorded in other assets in SBG's consolidated balance sheets.

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