(Updates with pricing details in third paragraph)

Nov. 28 (Bloomberg) -- Sinclair Broadcast Group Inc., a television broadcaster, plans to add as much as $530 million of term loans under an existing credit agreement to help pay for its purchase of TV stations from Four Points Media and Freedom Communications Inc.

Sinclair proposed adding $280 million to a $222.5 million term loan B due in October 2016, and $250 million to a $115 million term A piece that matures in March 2016, the company said today in a statement distributed by PR Newswire.

The incremental term loan B piece will pay 3 percentage points more than the London interbank offered rate, according to a person with knowledge of the transaction who declined to be identified because the terms are private. The lending benchmark will have a floor of 1 percent, the person said. The incremental term loan A slice will pay 2.25 percentage points more than Libor.

The company has agreed to purchase broadcast assets from Freedom Communications for $385 million, according to a Nov. 2 statement. In September, it said it was buying Four Points Media television stations from Cerberus Capital Management LP for $200 million.

Sinclair also plans to increase the size of its revolving credit line to $100 million, from $75.4 million, and extend its maturity to March 2016 from 2013, according to today’s statement.

JPMorgan Chase & Co. is arranging the deal for the Hunt Valley, Maryland-based company and will host a lender call tomorrow at 3:30 p.m. in New York to discuss the financing, the person said.

In a revolving credit, money can be borrowed again once it’s repaid; in a term loan, it can’t. A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, mutual funds and hedge funds, while a term loan A is sold mainly to banks.

--Editors: Chapin Wright, John Parry

To contact the reporter on this story: Christine Idzelis in New York at cidzelis@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net