Nexstar Variable Interest Mission Broadcasting Closes New $ 300 Million B Credit Line

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IRVING, TX – () – Nexstar Media Group, Inc. (Nasdaq: NXST) today announced that Mission Broadcasting, Inc. (hereinafter “Mission”), a variable interest entity wholly owned by a subsidiary of Nexstar Media, Inc. (formerly known as Nexstar Inc.) or Nexstar Broadcasting, Inc.) (“Nexstar”) closed a new $ 300 million B line of credit. The new Term Loan B has a seven-year maturity and an interest rate of LIBOR plus 2.50% with a minimum LIBOR of 0.0%. Term Line B includes 101 Call Protection for six months.

The mission intends to use the net proceeds from the new line of credit B to repay loans under the existing revolving line of credit, to pay general Nexstar service fees and for general corporate purposes. In addition, concurrently with the closure of Term Line B, the Mission reallocated $ 255 million from its revolving facility commitments to the Nexstar revolving facility.

Mission B’s new credit line pro forma, Nexstar’s consolidated collateralized net leverage ratio at first collateral and the total net leverage ratio for the three months ended March 31, 2021 remained unchanged at 2.1x and 3.4x, respectively.

About Nexstar Media Group, Inc.

Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that takes a local approach to deliver new services and value to consumers and advertisers through their traditional media, digital and mobile media platforms. The wholly owned operating subsidiary of Nexstar Media Inc. consists of three divisions: broadcast, digital and network. The Broadcasting Division operates, programs, or provides sales and other services to 199 television stations and associated digital multicast signals reaching 116 markets, or approximately 39% of all US television households (reflecting the FCC’s UHF discount). The division’s portfolio includes major subsidiaries NBC, CBS, ABC, FOX, MyNetworkTV and CW. The digital division operates 120 on-premises websites and 284 mobile apps that offer hyper-local content and verticals to consumers and advertisers, allowing audiences to choose where, when and how they access content, creating new revenue opportunities for the company. The networking division works NewsNation, formerly WGN America, the national cable news and entertainment network covering 75 million television homes, the Antenna TV multicast network and WGN Radio in Chicago. Nexstar also owns 31.3% of TV Food Network, a leading cable asset. For more information please visit www.nexstar.tv

About Mission Broadcasting, Inc.

Mission Broadcasting, Inc., a television broadcaster founded in 1996, acquires, develops and operates television stations and interactive community websites in the mid-sized US markets. His stations provide programming to viewers in their markets via cable or satellite services, or broadcast to those using a television antenna. The company currently owns television stations in 25 markets nationwide and has network interconnection agreements with ABC, CBS, NBC, Fox, CW, and MyNetwork. For more information please visit missionbroadcastinginc.com

Forward-looking statements

This message contains forward-looking statements. We have based these forward-looking statements on our current expectations and projections of future events. Forward-looking statements include information that is preceded, followed by or that includes the words management, believes, expects, expects, might, or similar expressions. In relation to these statements, Nexstar says it is protecting a safe haven for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication relate, among other things, to future financial performance, including changes in net revenues, cash flows and operating expenses, involve risks and uncertainties and may vary depending on various important factors, including the impact of changes in national and the regional economy, the ability to service and refinance our outstanding debt, the successful integration of acquired television stations and digital companies (including achieving synergies and cost reductions), price fluctuations for local and national advertising, future regulations and conditions in the areas of television stations, competition with other parties in the broadcast television markets, volatility in program costs, the impact of government regulations b traffic, industry consolidation, technological developments and major world news. Nexstar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this communication may not occur. You must not place undue reliance on these forward-looking statements, which are valid only as of the date of this release. For more information on the factors that may affect these expectations, see Other Nexstar documents to the SEC.

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