Mission/Nexstar get $280 million revolver at Libor plus 175-250 bps

By Sara Rosenberg

New York, Sept. 4 – Mission Broadcasting Inc. and Nexstar Broadcasting Inc. closed on a $280 million revolving credit facility, of which $250 million is allocated to Mission and $30 million is allocated to Nexstar, according to a news release.

Pricing on the new revolver can range from Libor plus 175 basis points to 250 bps based on leverage.

The new revolver is in addition to the existing $166 million revolver under Mission’s and Nexstar’s existing credit agreements.

Mission borrowed $225 million under the new revolver to prepay its outstanding term loan B in full.

Nexstar Broadcasting made a voluntary prepayment of $250 million of its outstanding term loan A with cash on hand.

The company expects its net leverage to decline to about 4x by year-end.

Nexstar Broadcasting is a wholly owned subsidiary of Nexstar Media Group Inc., a diversified media company, and Mission is a variable interest entity of Nexstar Media.

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