Nexstar Broadcasting, Inc. -- Moody's assigns B3 to Nexstar's proposed senior notes

New York, July 13, 2016 -- Moody's Investors Service, ("Moody's") assigned a B3 rating to Nexstar Broadcasting, Inc.'s ("Nexstar" of "the company") proposed senior notes. Proceeds from the new notes, expected to be $900 million, along with the expected proceeds from the company's proposed revolving credit and term loan facilities will be used to repay debt of Media General, Inc. ("Media General") and to fund the cash consideration for the acquisition expected to close near the end of the year. This issuance is a component of more than $4 billion of total planned debt to fund the cash portion of its acquisition of Media General. Although this acquisition will materially increase Nexstar's leverage at closing, Moody's recently affirmed the company's B1 corporate family rating with stable outlook.

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