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Nexstar Variable Interest Entity, Mission Broadcasting, Closes New $300 Million Senior Secured Term Loan B Facility
IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (Nasdaq: NXST) today announced that Mission Broadcasting, Inc. (“Mission”), a variable interest
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":" IRVING, Texas--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (Nasdaq: NXST) today announced that Mission Broadcasting, Inc. (“Mission”), a variable interest entity of wholly-owned subsidiary, Nexstar Media, Inc. (formerly known as Nexstar Inc. or Nexstar Broadcasting, Inc.) (“Nexstar”), has closed on a new $300 million Term Loan B Facility. Mission’s new Term Loan B Facility has a seven-year maturity and bears interest at a rate of LIBOR plus 2.50%, with a 0.0% LIBOR floor. The Term Loan B Facility includes six-months of 101 soft call protection.\n\nMission intends to use the net proceeds from the new Term Loan B Facility to pay down borrowings under its existing Revolving Credit Facility, pay shared service fees to Nexstar and for general corporate purposes. In addition, concurrent with the closing of the Term Loan B Facility, Mission re-allocated $255 million of its Revolving Credit Facility commitments to Nexstar’s Revolving Credit Facility.\n\nPro-forma for Mission’s new Term Loan B Facility, Nexstar’s consolidated secured first lien net leverage ratio and total net leverage ratio for the three-month period ended March 31, 2021, remained unchanged at 2.1x and 3.4x, respectively.\n\nAbout Nexstar Media Group, Inc.\n\nNexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Its wholly owned operating subsidiary, Nexstar Media Inc., consists of three divisions: Broadcasting, Digital, and Networks. The Broadcasting Division operates, programs, or provides sales and other services to 199 television stations and related digital multicast signals reaching 116 markets or approximately 39% of all U.S. television households (reflecting the FCC’s UHF discount). The division’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. The Digital Division operates 120 local websites and 284 mobile apps offering hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content and creating new revenue opportunities for the company. The Networks Division operates NewsNation, formerly WGN America, a national news and entertainment cable network reaching 75 million television ...