Nexstar’s Mission Broadcasting Closes $300M Loan
Nexstar Media Group said that Mission Broadcasting, a variable interest entity of wholly-owned subsidiary, Nexstar Media Inc., has closed on a new $300 million term loan B facility that has a seven-year maturity and bears interest at a rate of LIBOR plus 2.50%, with a 0.0% LIBOR floor. It includes six-months of 101 soft call protection.
Mission intends to use the net proceeds from the new loan to pay down borrowings under its existing revolving credit facility, pay shared service fees to Nexstar and for general corporate purposes. In addition, concurrent with the closing of the term loan B facility, Mission re-allocated $255 million of its revolving credit facility commitments to Nexstar’s Revolving Credit Facility.
Pro-forma for Mission’s new term loan B facility, Nexstar’s consolidated secured first lien net leverage ratio and total net leverage ratio for the three-month period ended March 31 remained unchanged at 2.1x and 3.4x, respectively.