Nexstar reports repurchase of $4 million PIK notes in second quarter

By Devika Patel

Knoxville, Tenn., Aug. 4 - Nexstar Broadcasting Group Inc. repurchased $2 million of its 7% senior subordinated payment-in-kind notes due 2014 and $2 million of its 13% senior subordinated PIK notes due 2014 at a discount in the open market during the second quarter, according to the company's earnings report.

This follows the open-market repurchase of $1 million of the 13% PIK notes in the first quarter and the repurchase through a cash tender offer and consent solicitation of approximately $34.3 million of these notes.

The notes were bought back, in part, using a portion of the proceeds from the company's April offering of $325 million in 8 7/8% senior secured second-lien notes.

The company said it also completed a cash tender offer for $34.3 million, or 82.47%, of its 13% senior subordinated notes due 2014. These notes were repurchased at 104.5% of par on April 30.

Nexstar said that through June 30, it has reduced its total debt by approximately $16 million.

Nexstar is an Irving, Texas-based television station operator.

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