Nexstar gets no additional tenders for 8 7/8% notes, calls remainder

By Angela McDaniels

Tacoma, Wash., Oct. 16 - Nexstar Broadcasting Group, Inc. subsidiaries Nexstar Broadcasting, Inc. and Mission Broadcasting, Inc. completed the tender offer for their outstanding $314,575,000 principal amount of 8 7/8% senior secured second-lien notes due 2017 and issued a notice to redeem all of the remaining outstanding notes, according to a company news release.

The tender offer and a consent solicitation for the notes began on Sept. 17 and ended at midnight ET on Oct. 15.

As previously reported, 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.

The issuers paid for those notes on Oct. 1. No additional notes were tendered after the consent payment deadline.

The company paid $1,088.75 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date. This payment included a $30.00 consent payment.

The $21.9 million of notes that remain outstanding will be redeemed on Nov. 16.

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 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) were the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 389-1500 or 212 430-3774) was the information agent and depositary.

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

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