Nexstar Broadcasting Announces Upsizing and Pricing of $275 Million Offering of Senior Notes
January 21 2015 - 3:53PM
Business Wire
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) (the “Company”)
announced today that its wholly-owned subsidiary, Nexstar
Broadcasting, Inc. (“Nexstar Broadcasting”), upsized and priced an
offering of $275.0 million in aggregate principal amount (an
increase of $25 million over the amount previously announced) of
6.125% new senior notes due 2022 (the “Notes”). The sale of the
Notes is expected to be completed on or about January 29, 2015,
subject to customary closing conditions.
The Notes were priced at par and will be senior unsecured
obligations of Nexstar Broadcasting and will be guaranteed by the
Company and Mission Broadcasting Inc. (“Mission”) and certain of
Nexstar Broadcasting’s and Mission’s future restricted subsidiaries
on a senior unsecured basis.
Nexstar Broadcasting intends to use the net proceeds from this
offering to fund the proposed acquisitions of three television
stations in three markets from Landmark Television, LLC and
Landmark Media Enterprises, LLC, Meredith Corporation and
SagamoreHill of Phoenix, LLC, and Pappas Telecasting of Iowa, LLC
and KCWI License, LLC (collectively, the “Pending Acquisitions”),
to pay related fees and expenses and for general corporate
purposes. If any of the Pending Acquisitions are not consummated,
the proceeds of this offering intended to fund such Pending
Acquisitions will be used to pay fees and expenses and for general
corporate purposes. This offering is not conditioned on the
consummation of the Pending Acquisitions or any other
transactions.
The Notes and related guarantees will be offered in the United
States only to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the “Securities
Act”), and outside the United States, only to non-U.S. investors
pursuant to Regulation S under the Securities Act. The Notes and
the related guarantees have not been registered under the
Securities Act or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer, solicitation or sale in any
jurisdiction in which, or to any person to whom, such an offer,
solicitation or sale is unlawful. Any offers of the Notes will be
made only by means of a private offering memorandum.
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media
company 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 105 television stations and 34
related digital multicast signals reaching 56 markets or
approximately 15.6% of all U.S. television households. Nexstar’s
portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV,
The CW, Telemundo, Bounce TV, Me-TV, and LATV. Nexstar’s 56
community portal websites offer additional hyper-local content and
verticals for consumers and advertisers, allowing audiences to
choose where, when and how they access content while creating new
revenue opportunities.
Pro-forma for the completion of all announced transactions,
including the Pending Acquisitions, Nexstar will own, operate,
program or provide sales and other services to 110 television
stations and related digital multicast signals reaching 58 markets
or approximately 18% of all U.S. television households.
Forward-Looking Statements
This news release includes forward-looking statements. We have
based these forward-looking statements on our current expectations
and projections about 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, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this news release,
concerning, among other things, changes in net revenue, cash flow
and operating expenses, involve risks and uncertainties, and are
subject to change based on various important factors, including the
impact of changes in national and regional economies, our ability
to service and refinance our outstanding debt, successful
integration of acquired television stations (including achievement
of synergies and cost reductions), pricing fluctuations in local
and national advertising, future regulatory actions and conditions
in the television stations' operating areas, competition from
others in the broadcast television markets served by the Company,
volatility in programming costs, the effects of governmental
regulation of broadcasting, industry consolidation, technological
developments and major world news events. Unless required by law,
we undertake 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 news
release might not occur. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this release. For more details on factors that could affect
these expectations, please see our filings with the Securities and
Exchange Commission.
Nexstar Broadcasting Group, Inc.Thomas E. Carter,
972-373-8800Chief Financial OfficerorJCIRJoseph Jaffoni,
212-835-8500nxst@jcir.com
Nexstar Media (NASDAQ:NXST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nexstar Media (NASDAQ:NXST)
Historical Stock Chart
From Apr 2023 to Apr 2024