Diamond Sports Group Enters Into Agreement with Creditors on Liquidity Enhancing Transaction

January 13, 2022

Diamond Sports Group Enters Into Agreement with Creditors on Liquidity Enhancing Transaction

BALTIMORE, MD-January 13, 2022- (BUSINESS WIRE)-Diamond Sports Group, LLC ("DSG" or the "Company"), a wholly-owned subsidiary of Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) ("Sinclair"), today announced that it and Sinclair have entered into a Transaction Support Agreement (including the attached term sheet, the "TSA") with various lenders holding term loans ("Existing Term Loans") under the Company's existing credit facilities (the "Existing Credit Facilities") and various holders of the Company's outstanding 5.375% Senior Secured Notes due 2027 (the "5.375% Secured Notes") and the Company's 12.75% Senior Secured Notes due 2026 (the "12.75% Secured Notes" and, together with the 5.375% Secured Notes, the "Existing Secured Notes"), on the principal terms of a new money financing and recapitalization (the "Transaction"), whereby the Company intends to raise $600 million in new capital and to defer the cash payment of a portion of its management fee to Sinclair, which together are expected to provide approximately $1.0 billion of liquidity enhancement over the next five years to the Company and enable the Company to strengthen its balance sheet and better position itself for long-term growth.

Read more…DSG - 2022 Refinancing - Press Release-4896-2540-9544-v9 (002)(191996269.2).2