Diamond Sports Group’s Agreement with Creditors

Wilmer Cutler Pickering Hale and Dorr advised Diamond Sports Group on the deal.

Sinclair Broadcast Group subsidiary Diamond Sports Group (DSG) announced that it and Sinclair have entered into Transaction Support Agreement with various lenders holding term loans under DSG’s existing credit facilities and various holders of DSG’s outstanding 5.375% Senior Secured Notes due 2027 and 12.75% Senior Secured Notes due 2026, on the principal terms of a new money financing and recapitalization for DSG.  DSG 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 DSG and enable DSG to strengthen its balance sheet and better position itself for long-term growth.

The WilmerHale team was led by Andrew Goldman (Picture) and included Benjamin Loveland and Justin Ochs.

Involved fees earner: Andrew Goldman – Wilmer Cutler Pickering Hale and Dorr; Benjamin Loveland – Wilmer Cutler Pickering Hale and Dorr; Justin Ochs – Wilmer Cutler Pickering Hale and Dorr;

Law Firms: Wilmer Cutler Pickering Hale and Dorr;

Clients: Diamond Sports Group;

Martina Bellini

Author: Martina Bellini