Sinclair Broadcast Group (NASDAQ: SBGI ) is tapping the markets in a new, underwritten public share offering. The company has priced its issue of 18 million class A common shares at $27.25 apiece. Sinclair said that certain selling stockholders have granted the underwriters of the offering a 30-day purchase option for up to an additional 2.7 million shares.
The firm said it plans to use the proceeds of the issue for potential acquisitions in the future, and for "general corporate purposes."
Wells Fargo's Securities division and JPMorgan Chase (NYSE: JPM ) unit J.P. Morgan are the joint book-running managers of the offering. The issue is expected to close on May 7.