• Loading stock data...
Monday, December 2, 2024

Diamond Sports Group Looks To Swap $3B Of Distressed Bonds

Sinclair-Diamond-Sports-Bally
Bally Sports/Design: Alex Brooks

Sinclair Broadcast Group’s Diamond Sports Group is looking to swap some of its distressed bonds to take out new loans and help launch a sports streaming app.

Last month, the network secured $600 million in financing to support the app’s launch and renewed a broadcast deal with the NBA to stream games to the local territories of 16 teams on its new service.

The company, which operates Bally’s Sports Group, is looking to receive new second-lien secured senior notes by exchanging more than $3 billion of 5.375% notes that are due in 2026. Sinclair’s sports unit is looking for notes that hold the same coupon and maturity.

Sinclair purchased Diamond Sports Group in 2019 for a reported $9.6 billion

  • In addition to a $635 million first-lien loan, Diamond Sports Group is asking holders to waive specific debt protections in order to add new debt.
  • In exchange for existing debt, the company is also asking holders to take on a revolving credit line and a second-priority term loan.

The swap relies on approval from shareholders and the company receiving the new first-lien loan. The final exchange deadline is March 14.

Sinclair’s Sticky Situation

Last June, debt tied to Diamond Sports Group sold off after the firm failed to raise new capital and rework its balance sheet. Senior unsecured notes due in 2027 fell to less than half of their face value after holders were released from trade restrictions — they were among the worst performers in the market at the time, per Trace.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Oct 1, 2024; Brooklyn, New York, USA; Las Vegas Aces guard Kelsey Plum (10) drives past New York Liberty forwards Kayla Thornton (5) and Betnijah Laney-Hamilton (44) during game two of the 2024 WNBA Semi-finals at Barclays Center.

Kelsey Plum Backs Out of Unrivaled

She’s skipping the new league’s season, along with Caitlin Clark.
Bluesky and Twitter

Why Bluesky Is Not a Serious Threat to Sports Twitter

Bluesky recently hit 23 million total users. That doesn’t touch X/Twitter.
May 1, 2024; Los Angeles, California, USA; From left: TNT analysts Reggie Miller and Jamal Crawford, play-by-play announcer Kevin Harland and reporter Allie LaForce during game five of the first round for the 2024 NBA playoffs at Crypto.com Arena.

WBD Target of Investor Lawsuit Over Loss of NBA Rights

WBD sued the NBA in July after failing to retain broadcast rights.
Nov 26, 2024; Las Vegas, Nevada, USA; Oregon Ducks guard Keeshawn Barthelemy (9) approaches Texas A&M Aggies guard CJ Wilcher (10) during the first half at MGM Grand Garden Arena. Mandatory

Is This $9 Million Basketball Tournament the ‘Future of College Sports’?

NIL opportunities for players are scheduled throughout the six-day tournament.
podcast thumbnail mobile
Front Office Sports Today

Happy Thanksgiving From FOS Today

0:00

Featured Today

U.S. Investors Are Gunning for England’s Small Soccer Clubs

Is another Hollywood-like success story possible among the U.K.’s smallest clubs?
Nov 1, 2024; Boise, Idaho, USA; Boise State Broncos running back Ashton Jeanty (2) leads the team onto the field prior to the first quarter against the San Diego State Aztecs at Albertsons Stadium.
November 29, 2024

Schools Are Scrambling to Prepare for the NCAA Revenue-Sharing Era

In the post–House v. NCAA world, “everyone’s kind of on their own.”
Nov 4, 2024; Kansas City, Missouri, USA; Recording artist Taylor Swift arrives prior to a game between the Tampa Bay Buccaneers and the Kansas City Chiefs at GEHA Field at Arrowhead Stadium.
November 29, 2024

The PWHL Could Be Inviting a Date With Taylor Swift’s Legal Team

The Toronto Sceptres may have opened a Pandora’s box of trademark issues.
November 23, 2024

Can an Elite Women’s Soccer School Survive the New College Sports Moneyball?

Santa Clara faces an uphill battle in the new college sports landscape.

Cowboys-Giants on Thanksgiving Draws 38.5M, Tops 2024 NFL Ratings

The Giants-Cowboys Thanksgiving afternoon game drew 38.5 million viewers on Fox.
November 25, 2024

Lions Could Turn Tables by Eclipsing Cowboys Ratings on Thanksgiving

The Cowboys and Lions play again on Thanksgiving—in very different positions.
November 26, 2024

NBA Passes on Thanksgiving Games, Eyes Black Friday Spotlight

The NBA hasn’t played on Thanksgiving since 2010.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Oct 24, 2024; Inglewood, California, USA; Thursday Night Football broadcasters Clarissa Thompson, Tony Gonzalez, Ryan Fitzpatrick, Andrew Whitworth and Richard Sherman at SoFi Stadium.
November 25, 2024

Amazon Finds NFL Silver Linings Despite Missing Out on Thanksgiving

The streamer is drawing its best NFL ratings yet.
November 23, 2024

Reader Mailbag: Why Are NBA Ratings Down to Start the Season?

NBA viewership is down 28% on ESPN through the first four weeks.
November 22, 2024

DirecTV-Dish Deal Is Dead, Spelling More Trouble for Pay TV

Bondholder objections undo an agreement to create the largest U.S. pay-TV distributor.
A photo of Around the Horn's set
November 21, 2024

‘Around the Horn’ to End 23-Year ESPN Run in 2025

ESPN had reportedly been thinking of canceling the show since the summer.