Nexstar to Offer $900M of Senior Notes

By on Jul, 13 2016 with Comments 0

Nexstar Broadcasting GroupNexstar Broadcasting Group subsidiary Nexstar Escrow Corp. intends to offer up to $900 million of new senior notes due 2024 in a private offering. Once they’re released from escrow, Nexstar will assume the obligations under the notes which will be guaranteed by Mission Broadcasting and certain Nexstar and Mission future restricted subsidiaries on a senior unsecured basis.

Nexstar intends to use the net proceeds from the proposed offering, together with borrowings under future secured indebtedness, cash proceeds from the divestiture of certain assets and the issuance of new common stock to fund its proposed acquisition of Media General.

The broadcaster also intends to use the money to repay existing Nexstar credit facilities and debt and to pay other fees and expenses related to the acquisition of Media General and the related refinancing.

About The Author: Leslie Stimson has been a reporter for 35+ years, starting in radio news. She’s spent the last 20 years reporting for radio trades.

Comments are closed.