Nexstar Broadcasting Announces $325 Million Offering
IRVING, TEXAS: Nexstar Broadcasting is planning
a $325 million offering to refinance and pay off existing debt. The second-lien
notes will be co-issued by Mission Broadcasting. Proceeds will be used to
refinance each company’s senior secured credit facilities and to buy back
Nexstar’s $42.6 million in outstanding 13 percent, payment-in-kind notes due
The offer is $1,045 for every $1,000 in principal, plus
accrued interest, subject to certain conditions, including Nexstar’s ability to
raise the funds. Debt holders must tender notes by April 16 to receive the full
amount of the offer. Those who accept after April 16 will receive $1,015 per
Nexstar shares rose 5 percent to $5.22 in today’s trading.
The company has 62 TV stations in 34 markets.