Mission and Nexstar amend acquisition terms under senior secured loans

By Marisa Wong

Madison, Wis., Oct. 3 - Mission Broadcasting, Inc. and Nexstar Broadcasting, Inc. entered into amendments to each of their senior secured credit facilities on Sept. 27.

According to an 8-K filing with the Securities and Exchange Commission, the amendments, among other things,

• Limit the annual purchase consideration paid for all acquisitions by Mission and Nexstar to $30 million if the consolidated total leverage ratio is equal to or greater than 7.50 to 1.00 immediately after such a transaction takes effect;

• Limit the annual purchase consideration paid for all acquisitions by Mission and Nexstar to $50 million if the consolidated total leverage ratio is less than 7.50 to 1.00 after an acquisition takes place; and

• Limit the aggregate cumulative consideration paid for all of Mission and Nexstar's acquisitions to $75 million for the period from April 19, 2010 through the date of any proposed acquisitions.

Mission is a television station group based in Brecksville, Ohio, and Nexstar is a television station group based in Irving, Texas. Mission's stations are managed by Nexstar through local marketing agreements.

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