Nexstar Refinances Senior Secured Term Loans And Revolving Credit
Nexstar Media said it has closed a new five-year term loan A facility 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, a variable interest entity of the company, has closed a new five-year revolving credit facility in an aggregate principal amount of $75 million.
The company said that net proceeds of the new term loan A and revolving credit facilities were used to repay existing indebtedness and refinance and modestly upsize existing revolving credit facility commitments. The refinancing reduces the company’s overall interest expense and extends its maturities versus the status quo.