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Nexstar Broadcasting buys back $7.5 million 7% notes in fourth quarter
By Angela McDaniels
Tacoma, Wash., March 5 - Nexstar Broadcasting Group, Inc. repurchased $7.5 million of its 7% senior subordinated notes during the fourth quarter, according to the company's earnings release.
The repurchase resulted in a $2.9 million pre-tax gain and was funded with cash flows from operations.
On Dec. 31, the company's total leverage ratio was 6.18 times and its total net debt was $646.3 million, including $190.8 million of 7% senior subordinated notes, $37.3 million of 12% pay-in-kind senior subordinated notes, $77.8 million of 11 3/8% senior discount notes and $356.2 million of bank debt and less cash on hand of $15.8 million.
As previously reported, Nexstar began an offer on Feb. 27 to exchange up to $143.6 million of the 7% notes for up to $143.6 million of 7% PIK senior subordinated notes due 2014 and cash.
The offer will expire at midnight ET on March 26.
Nexstar Broadcasting is a television station operator based in Irving, Texas.
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