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 2014.
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 $1,000.
Nexstar shares rose 5 percent to $5.22 in today’s trading. The company has 62 TV stations in 34 markets.
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