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Nexstar Media Group Refinances Senior Secured Term Loans And Revolving Credit Facility | Nexstar Media Group, Inc.

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Nexstar Media Group Refinances Senior Secured Term Loans And Revolving Credit Facility | Nexstar Media Group, Inc. Skip to content Primary MenuVisitorValues History Milestones Founder’s Day StationsVisitorNews Press Releases Investor Relations Corporate Profile Corporate Officers Board of Directors Stock Information Events and PresentationsYearlyReports / SEC Filings Digital Careers Nexstar Media Group Refinances Senior Secured Term Loans And Revolving Credit Facility October 18, 2018 Refinancing ReducesYearlyInterest Expense by Approximately $7 Million IRVING, Texas – Nexstar Media Group, Inc. (Nasdaq: NXST) spoken today it received commitments for a $2.676 billion refinancing of its outstanding Senior Secured Term Loan facilities, including the wastefulness of the $703 million Senior Secured Term Loan A due January 2023 and  the $1.807 billion Senior Secured Term Loan B due January 2024. Nexstar will moreover be refinancing its $166 million Senior Secured revolving credit facility due 2023 which was undrawn as of June 30, 2018.  TheVisitorexpects the refinancing transaction to tropical on or well-nigh October 26, 2018, which will lower its yearly interest expense by approximately $7 million and increase self-ruling mazuma spritz by approximately $5 million on an annualized basis. Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, Inc. commented, “The refinancing of our Senior Secured Term Loan facilities and revolving credit facility reduces our yearly mazuma interest expense by approximately $7 million and then highlights Nexstar’s focus on urgently managing our wanted structure and forfeit of wanted to momentum self-ruling mazuma spritz growth while affording us the financial flexibility to act on other opportunities to enhance shareholder value. “In addition, we protract to intrust mazuma from operations and uncommonly strong political razzmatazz to make meaningful reductions in our senior secured debt. The zippy management of our wanted structure combined with strong self-ruling mazuma spritz generation positions Nexstar to pursue a range of deportment to enhance shareholder returns on both a scheduled and opportunistic basis, including the payment of quarterly mazuma dividends, share repurchases, remoter leverage reduction and accretive acquisitions. We thank our lenders for their unfurled support and protract to expect Nexstar’s net leverage, woolgathering spare strategic activity, to be in the mid-to-high 3x range at the end of 2018.” The new $1.657 billion Senior Secured Term Loan B facility was issued at par and bears interest at a rate of LIBOR plus 2.25%, while its maturity remains unchanged. The new five-year $853 million Senior Secured Term Loan A facility was issued at par and initially bears interest at a rate of LIBOR plus 1.75%, with periodic adjustments thereafter equal to a leverage based grid.  The Company’s new five-year Senior Secured revolving credit facility has a total topics of $166 million and initially bears interest at a rate of LIBOR plus 1.75%, with periodic adjustments thereafter equal to a leverage based grid. The new terms represent a 25 understructure point interest rate reduction compared to the Company’s prior Senior Secured Term Loans and revolving credit facilities.Well-nighNexstar Media Group, Inc. Nexstar Media Group is a leading diversified media visitor that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 171 television stations and related digital multicast signals reaching 100 markets or approximately 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s polity portal websites offer spare hyper-local content and verticals for consumers and advertisers, permitting audiences to segregate where, when and how they wangle content while creating new revenue opportunities. For increasingly information please visit www.nexstar.tv. Forward-Looking Statements This liaison includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections well-nigh future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, Nexstar claims the protection of the unscratched harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, mazuma spritz and operating expenses, involve risks and uncertainties, and are subject to transpiration based on various important factors, including the impact of changes in national and regional economies, the worthiness to service and refinance our outstanding debt, successful integration of uninventive television stations and digital businesses (including victory of synergies and forfeit reductions), pricing fluctuations in local and national advertising, future regulatory deportment and conditions in the television stations’ operating areas, competition from others in the unconcentrated television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes 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 liaison might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the stage of this release. For increasingly details on factors that could stupefy these expectations, please see Nexstar’s other filings with the SEC. Contact: Thomas E. Carter Chief Financial Officer Nexstar Media Group, Inc. 972/373-8800 or Joseph Jaffoni, Jennifer Neuman JCIR 212/835-8500 or nxst@jcir.com Post navigation ← OlderNewer → CompanyCompany History Corporate Officers Board of DirectorsVisitorMilestones News Nexstar Media Group RBCWantedMarkets Conference Presentation Nexstar Media Group Third Quarter Net Revenue Rises 13.3% To A Record $693.4 Million MoreContact Careers Investor Relations Nexstar CC Certification Copyright © 1998-2018, Nexstar Media Group, Inc., All rights reserved