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Nexstar redeems 'expensive' 11 3/8% notes, cuts debt by $10.9 million
By Toni Weeks
San Diego, Aug. 9 - Nexstar Broadcasting Group, Inc.'s chairman, president and chief executive officer Perry A. Sook said that during the second quarter of 2011 the company expanded its term loan B credit facility to $149.5 million from $50 million and used the proceeds to redeem the remaining $33.2 million of its 11 3/8% senior discount notes due 2013, the "most expensive piece" of its capital structure.
According to the company's financial results report for the three months ended June 30, Nexstar also repurchased roughly $20.5 million of its 7% senior subordinated payment in kind notes due 2014 and $7.4 million of its 7% senior subordinated notes due 2014.
Nexstar used $10 million of free cash flow for debt reduction initiatives, reducing debt on a quarterly sequential basis by $10.9 million to $616.1 million in the second quarter. The company said it has reduced debt by $27 million since 2010 year-end levels.
Nexstar is an Irving, Texas-based television station operator.
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