Nexstar Broadcasting gets consents needed to amend 8 7/8% notes

By Angela McDaniels

Tacoma, Wash., Oct. 1 - Nexstar Broadcasting Group, Inc. subsidiaries Nexstar Broadcasting, Inc. and Mission Broadcasting, Inc. have received enough consents to amend their outstanding $314,575,000 principal amount of 8 7/8% senior secured second-lien notes due 2017, according to a company news release.

A tender offer and consent solicitation for the notes began Sept. 17 and will end at midnight ET on Oct. 15.

Holders had tendered and delivered consents for $292,688,000, or 93.04%, of the notes as of 5 p.m. ET on Sept. 30, the consent payment deadline.

A supplemental indenture to the indenture governing the notes has been executed. The amendments became operative when the notes were accepted for purchase. They eliminate substantially all of the restrictive covenants and some events of default and release the liens on the collateral that secures the issuers' and the company's obligations under the notes.

The amendments required the consent of the holders of at least a majority of the outstanding principal amount of the notes, and the amendments for the release of the liens on the collateral required the consent of the holders of at least 75% of the outstanding principal amount of the notes.

The company will pay $1,088.75 per $1,000 principal amount of notes. This includes a $30.00 consent payment for each note tendered by the consent payment deadline.

The company also will pay accrued interest up to but excluding the settlement date.

The tender offer was subject to a financing condition, which has been satisfied.

As previously reported, Nexstar priced a $275 million add-on to its 6 7/8% senior notes due 2020 at 100.25 to yield 6.814% on Sept. 17 and borrowed a $150 million term loan B-2 on Sept. 24.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-2476) and RBC Capital Markets (877 381-3000 or 212 618-7822) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 389-1500 or 212 430-3774) is the information agent and depositary.

Nexstar is an Irving, Texas-based television station operator in small- to medium-sized markets.

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