Volume Spike Investor

Sinclair Broadcast Group Inc. (NASDAQ: SBGI) is seeing a volume surge, as well as a price surge, on its debt news.  The ad-troubled company has reached a deal to pay off around $438 million in convertible notes with new debt with a committee representing some holders of convertible senior notes due in May-2010 and January-2011. The company will pay about $0.90 to $0.935 per $1.00 by issuing new notes die in 2014 that are to be secured by a second lien on the assets which secure its bank credit facility.  Average volume per day is only about 490,000, yet at 10:30 AM EST we have already seen 1.7 million shares trade hands.  Shares were up 34% at $2.89 at the time stamp and the 52-week trading range is $0.85 to $7.66. Today’s volume will end up being the most active since its 3.95 million shares on July 14 when shares fell by about 25% to $1.10.  -JON OGG