Nexstar Media Group refinances its senior secured term loans and revolving credit facilities
Refinancing reduces annual interest expense and extends maturities
IRVING, Texas (June 21, 2022) – Nexstar Media Group, Inc. (Nasdaq: NXST) (the “Company”) today announced that Nexstar Media Inc. (“Nexstar”), a wholly-owned subsidiary, has entered into a new Term Loan Facility A of five years in an aggregate principal amount of $2,425 million and a new five-year revolving credit facility in an aggregate principal amount of $550 million. In addition, Mission Broadcasting, Inc. (“Mission”), a variable interest entity of the Company, entered into a new five-year revolving credit facility in an aggregate principal amount of $75 million. The net proceeds from the new Term Loan A and the revolving credit facilities were used to repay existing debt and to refinance and slightly increase the commitments of the existing revolving credit facility. The refinancing reduces the Company’s overall interest expense and extends its maturities compared to the status quo.
More information can be found in the 8-K filed by the Company today.
About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content, including 283,000 hours of original video content annually . Nexstar has America’s largest local broadcast group of top affiliate networks, with 200 owned or partnered stations in 116 US markets reaching 212 million people. Nexstar’s television assets also include NewsNation, the fastest growing national cable news and entertainment network in the United States, reaching 75 million TV households, popular entertainment multicast networks Antenna TV and Rewind TV, and a 31.3% stake in TV Food Network. The company’s portfolio of digital assets, including The Hill and BestReviews, is collectively among the top 10 digital news and information properties in the United States. In addition to providing exceptional content and service to our communities, Nexstar offers large-scale premium cross-platform advertising opportunities for businesses and brands looking to leverage the strong consumer engagement of our compelling content offering. For more information, visit www.nexstar.tv
Lee Ann Gliha
Executive Vice President and Chief Financial Officer
Nexstar Media Group, Inc.
Joseph Jaffoni or Jennifer Neuman
212/835-8500 or [email protected]
Executive Vice President and Director of Communications
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Click here for the PDF version of the press release.