By Paul A. Harris
St. Louis, April 8 - Nexstar Broadcasting, Inc. and Mission Broadcasting, Inc. priced a $325 million issue of 8 7/8% seven-year senior secured second-lien notes (B3/B-) at 99.364 to yield 9%, on Thursday, according to an informed source.
The yield printed on top of the price talk.
Bank of America Merrill Lynch, UBS Investment Bank, Deutsche Bank Securities and RBC Capital Markets were joint bookrunners. Credit Agricole was the lead manager.
Proceeds, together with borrowings under Nexstar's and Mission's amended senior secured credit facilities and cash on hand, will be used to repurchase Nexstar's outstanding senior subordinated PIK notes, to refinance Nexstar and Mission's credit facility, and for general corporate purposes.
Nexstar Broadcasting is an Irving, Tex.-based company which operates television stations in medium-sized U.S. markets.
Issuers: Nexstar Broadcasting, Inc. and Mission Broadcasting, Inc.
Amount: $325 million
| Proceeds: | $322.933 million
|
| Maturity: | April 15, 2017
|
| Securities: | Senior secured second-lien notes
|
| Bookrunners: | Bank of America Merrill Lynch, UBS Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets Corporation
|
| Lead manager: | Credit Agricole Securities (USA) Inc.
|
| Coupon: | 8 7/8%
|
| Price: | 99.364
|
| Yield: | 9%
|
| Call features: | Callable on April 15, 2014 at 104.438, 102.219, par on and after April 15, 2016
|
| Equity clawback: | 35% at 108.875 until April 15, 2013
|
| Trade date: | April 8
|
| Settlement date: | | April 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 9% area
|
| Marketing: | Brief roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
