Tegna to draw on existing credit facility for purchase of stations

By Sara Rosenberg

New York, March 20 – Tegna Inc. plans on using borrowings under its existing credit facility and available cash to fund its acquisition of 11 television stations from Nexstar Media Group for $740 million in cash, according to a news release.

Upon close, leverage will increase to about 4.3 times.

The company intends to use free cash flow to reduce debt to bring leverage to well under 4 times by Dec. 31, 2020.

Tegna is a Tysons, Va.-based media company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.