Nexstar Broadcasting Announces $200 Million Offering of Senior Notes
Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (the “Company”) announced today that its wholly-owned subsidiary, Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”), intends to offer, subject to market and other customary conditions, up to $200.0 million in aggregate principal amount of new senior notes due 2020 (the “notes”) in a private offering. The Notes will be senior unsecured obligations of Nexstar Broadcasting and will be guaranteed by the Company and Mission Broadcasting Inc. (“Mission”).
Nexstar Broadcasting intends to use the net proceeds from the proposed offering to repurchase all of its outstanding 7% Senior Subordinated Notes due 2014 and its 7% Senior Subordinated PIK Notes due 2014, refinance a portion of its existing senior secured credit facilities and pay related fees and expenses.
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