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Nexstar redeems $16.6 million notes, calls $33.2 million more
By Toni Weeks
San Diego, May 11 - Nexstar Broadcasting Group, Inc. said that in the first quarter of 2011, it repurchased or called for redemption $12.7 million of its 11 3/8% senior discount notes due 2013, the "most expensive remaining piece" of the company's capital structure, according to a filing with the Securities and Exchange Commission.
Nexstar also submitted a redemption notice in April for the remaining $33.2 million of 11 3/8% notes.
Also in the first quarter, the company repurchased about $3.8 million of its outstanding 7% senior subordinated payment-in-kind notes due 2014 and $100,000 of its 7% senior subordinated notes due 2014.
The debt reduction initiatives to date in 2011 will lower Nexstar's interest expense by about $2 million per year, the filing said.
Nexstar is an Irving, Texas-based television station operator.
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