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Tegna to draw on existing credit facility for purchase of stations
By Sara Rosenberg
New York, March 20 – Tegna Inc. plans on using borrowings under its existing credit facility and available cash to fund its acquisition of 11 television stations from Nexstar Media Group for $740 million in cash, according to a news release.
Upon close, leverage will increase to about 4.3 times.
The company intends to use free cash flow to reduce debt to bring leverage to well under 4 times by Dec. 31, 2020.
Tegna is a Tysons, Va.-based media company.
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