Sinclair Broadcast Group Inc. Q2 2009 Earnings Call Transcript

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2009-08-05 11:16:24.0

Tags: Wells Fargo & Co., Call Transcript, Earnings, Sinclair Broadcast Group Inc., Debt, Balance Sheets, Financial Services, Financial Statements, Financial Accounting, Finance, Seeking Alpha

Question-and-Answer Session

Operator

(Operator Instructions). Our first question comes from Bishop Cheen – Wells Fargo Securities.

Bishop Cheen – Wells Fargo Securities

Lucy, it would be very helpful since we're so focused on balance sheet, if you could just walk us through the pieces of the federal bank debt and then how much of the [H] you have left and then the capital leases and the three converts, and then I just need to clarify, when you give out the total debt of one – and I'm rounding here, 1318, does that include the 64 on non-recourse?

Lucy Rutishauser

Hey, let me give you the second part. Yes, that does include the non-recourse and BIE debt, so that's a balance sheet number. And then the pieces, the revolver, $104.5 million, the term limit A, $82.5 million, the term limit A-1, $219.4 million, the 8% notes are $224.7 million and then there is a premium that we amortize which is $1 million.

The 4% or $143.5 million, the 3% converts are $294.3 million and then there is a discount of a negative $7.5 million. The 6% are $134.1 million and they also have a discount that we amortize, that's a negative $13.5 million, and then we have the fair market value of terminated [SLFs], that's $2.3 million.

The capitalized leases are $67.9 million, and the non-recourse BIE debt of $64.6 million and I think I picked up all the –

Bishop Cheen – Wells Fargo Securities

Yes, you answered everything and you have $64 million did you say available on the $168 million commitment?

Lucy Rutishauser

That's correct.

Operator

Our next question comes from Aaron Watts – Deutsche Bank.

Aaron Watts – Deutsche Bank

A few questions for me, I guess first maybe you can just talk about visibility? I know you've been very generous in giving us your view of the world for the rest of the year, but how much confidence do you have, or are bookings still coming in late, or are things materially better, worse, how do you feel about that?

Steven Marks

Well I think from a spot standpoint we're pretty much seeing a consistent spending level that hasn't demonstrated that it's going to shoot off. I think once the car category, the automotive category, really starts kicking in you'll see a significant jump and that'll hold true for all of our competitors, obviously.

That category has got a jump start and right now we're seeing inches of growth not feet or yards. Cash for Clunkers thing was a decent promotion that sent for our company over $1 million and we're expecting more if it's renewed. That will help.

 

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