S&P rates Mission Broadcasting loan BBB-

S&P said it assigned BBB- issue-level and 1 recovery ratings to the proposed $300 million senior secured term loan maturing in 2028 issued by Nexstar Media Group Inc.'s variable-interest entity Mission Broadcasting Inc. The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in default.

Mission plans to use the proceeds to pay off a portion of the $327 million outstanding on its revolving credit facility.

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