Nexstar Broadcasting Group Prices $275 Mln Offering Of Senior Notes Due 2020

(RTTNews) - Nexstar Broadcasting Group, Inc. (NXST) announced that its wholly-owned subsidiary, Nexstar Broadcasting, Inc., has priced an offering of $275.0 million aggregate principal amount of 6.875% senior notes due 2020.

The company said the notes will have the same terms as, and are expected to be treated as a single class with, Nexstar Broadcasting's $250.0 million in aggregate principal amount of 6.875% senior notes due 2020 issued on November 9, 2012. The sale of the notes is expected to be completed on or about October 1, 2013.

The notes were priced at 100.250%, plus accrued interest from May 15, 2013.

Nexstar Broadcasting stated that it expects to use the net proceeds from the proposed offering, together with the proceeds from a proposed incremental amendment to its and Mission's existing senior secured credit facilities and cash on hand, to repurchase any and all of its and Mission's outstanding 8.875% Senior Secured Second Lien Notes due 2017, to fund its and Mission's proposed acquisition of five television stations in four markets from Citadel Communications, L.P. and Stainless Broadcasting, L.P., to pay related fees and expenses and for general corporate purposes.