Oct. 15 (Bloomberg) -- Sinclair Television Group Inc., a unit of TV station operator Sinclair Broadcast Group Inc., plans to sell debt today after yields on speculative-grade bonds fell the most in a month relative to benchmarks. Sinclair is marketing $430 million of senior secured second lien notes due in 2017 that may price to yield 9.25 percent to 9.5 percent, according to a person familiar with the transaction who declined to be identified because terms aren't set. proceeds will be used to fund a tender offer for the company's outstanding convertible notes, Hunt Valley, Maryland-based Sinclair said in an Oct. 13 statement. High-yield, high-risk bond spreads fell 17 basis points yesterday to 776 basis points, the sharpest decline since narrowing 26 basis points on Sept. 16, according to Merrill Lynch's U.S. High Yield Master II index. A basis point is 0.01 percentage point.
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Source: Bloomberg
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