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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Nexstar Media Group, Inc.    NXST

NEXSTAR MEDIA GROUP, INC.

(NXST)
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NEXSTAR MEDIA GROUP, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)

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09/09/2020 | 07:04am EDT

Item 1.01. Entry into a Material Definitive Agreement.

On September 4, 2020, Nexstar Media Group, Inc. ("Nexstar") issued a press release announcing that Nexstar Broadcasting, Inc. ("Nexstar Broadcasting"), a wholly-owned subsidiary of Nexstar, and Mission Broadcasting, Inc. ("Mission"), a variable interest entity of Nexstar Broadcasting, received new revolving credit commitments in an aggregate principal amount of $280,000,000 (the "2020 Revolving Credit Facility") under Nexstar Broadcasting's and Mission's respective existing credit agreements. $250,000,000 of the 2020 Revolving Credit Facility is allocated to Mission and $30,000,000 of the 2020 Revolving Credit Facility is allocated to Nexstar Broadcasting. The 2020 Revolving Credit Facility is in addition to the $166,000,000 revolving credit facility under Nexstar Broadcasting's and Mission's existing credit agreements.

The 2020 Revolving Credit Facility bears interest at the LIBOR rate, with a margin in the range of 1.75% - 2.50%, determined based on a leverage based grid. The remaining terms of the 2020 Revolving Credit Facility are substantially the same as Nexstar's and Mission's existing $166,000,000 revolving credit facility.

The foregoing description is qualified in its entirety by reference to the text of the amended credit agreement, a copy of which is filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and the terms of which are incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above in Item 1.01 is incorporated into this Item 2.03 by reference.



Item 8.01. Other Events.



Concurrent with the close of the 2020 Revolving Credit Facility, Mission borrowed $225,000,000 under such facility and used the proceeds to prepay Mission's outstanding term B loans in full. Nexstar Broadcasting also made a voluntary prepayment of $250,000,000 of its outstanding term A loans with cash on hand.

A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit No. Description
10.1          Credit Agreement, dated as of January 17, 2017, by and among Nexstar
            Broadcasting, Inc., Nexstar Media Group, Inc., Bank of America, N.A. and
            the several lenders party thereto, as amended by that Amendment No. 4,
            dated as of September 3, 2020.
10.2          Credit Agreement, dated as of January 17, 2017, by and among Mission
            Broadcasting, Inc., Bank of America, N.A. and the several lenders party
            thereto, as amended by that Amendment No. 2, dated as of September 3,
            2020.
99.1          Press Release issued on September 4, 2020
104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document).





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© Edgar Online, source Glimpses


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