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 unit J.P. Morgan are the joint book-running managers of the offering. The issue is expected to close on May 7.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of JPMorgan Chase and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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