NEXSTAR MEDIA GROUP, INC.

(NXST)
  Report
Real-time Estimate Cboe BZX  -  10:44 2022-08-19 am EDT
199.34 USD   -0.50%
08/18INSIDER SELL : Nexstar Media Group
MT
08/16NEXSTAR MEDIA : TO ACQUIRE THE CW NETWORK - Form 8-K
PU
08/16NEXSTAR MEDIA GROUP, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

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)

06/21/2022 | 02:43pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On June 21, 2022, Nexstar Media Group, Inc. ("Nexstar") issued a press release announcing that (1) Nexstar Media Inc. ("Nexstar Media"), a wholly-owned subsidiary of Nexstar, has closed a new term loan A facility in an aggregate principal amount of $2,425 million (the "2022 Nexstar Term Loan A Facility") and a new revolving credit facility in an aggregate principal amount of $550 million (the "2022 Nexstar Revolving Credit Facility") and (2) Mission Broadcasting, Inc. ("Mission"), a variable interest entity of Nexstar, has closed a new revolving credit facility in an aggregate principal amount of $75 million (the "2022 Mission Revolving Credit Facility").

The 2022 Nexstar Term Loan A Facility, the 2022 Nexstar Revolving Credit Facility and the 2022 Mission Revolving Credit Facility (collectively, the "New Facilities" and each, a "New Facility"), each has a five-year maturity and bears interest at a rate of term SOFR for the applicable interest period plus a margin in the range of 1.25% - 2.00% determined based on a leverage based grid. The term SOFR for any interest period is the sum of the term SOFR screen rate published by the CME term SOFR administrator plus a spread adjustment of 0.10%. The 2022 Nexstar Term Loan A Facility has a 5% amortization each year, to be payable on a quarterly basis. In connection with entry into the New Facilities, each of Nexstar Media and Mission also amended its respective credit agreement to, among others, streamline each borrower's notice obligations and update certain covenant terms, in each case, as set forth in each amended credit agreement filed herein as Exhibits 10.1 and 10.2, respectively. The remaining terms of each New Facility are substantially the same with the existing terms in the Nexstar Media credit agreement in effect prior to the date hereof and the Mission credit agreement in effect prior to the date hereof, as applicable.

The foregoing description is qualified in its entirety by reference to the text of the amended Nexstar Media credit agreement and the amended Mission credit agreement, as applicable, copies of which are filed as Exhibits 10.1 and 10.2, respectively, 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.

Concurrently with the closing of the 2022 Nexstar Term Loan A Facility and the 2022 Nexstar Revolving Credit Facility, Nexstar Media utilized the borrowings under the 2022 Nexstar Term Loan A Facility to prepay (1) all of its outstanding term A-4 loans due October 2023, term A-5 loans due September 2024 and term B-3 loans due January 2024 and (2) a portion of its outstanding term B-4 loans due September 2026.

Concurrently with the closing of the 2022 Mission Revolving Credit Facility, Mission borrowed $61.5 million under such facility and used the proceeds to prepay all of Mission's outstanding borrowings under its existing revolving credit facility.

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 Media Inc. (f/k/a Nexstar Broadcasting, Inc.), Nexstar
                  Media Group, Inc., Bank of America, N.A. and the several
                  lenders party thereto, as amended by that Amendment No. 5,
                  dated as of June 21, 2022.
10.2                Credit Agreement, dated as of January 17, 2017, by among
                  Mission Broadcasting, Inc., Bank of America, N.A. and the
                  several lenders party thereto, as amended by the Amendment No.
                  6, dated June 21, 2022.
99.1                Press Release issued on June 21, 2022.
104               Cover Page Interactive Data File (embedded within the Inline
                  XBRL document).



--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about NEXSTAR MEDIA GROUP, INC.
08/18INSIDER SELL : Nexstar Media Group
MT
08/16NEXSTAR MEDIA : TO ACQUIRE THE CW NETWORK - Form 8-K
PU
08/16NEXSTAR MEDIA GROUP, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (f..
AQ
08/15Communications Services Up Amid Deal Activity - Communications Services Roundup
DJ
08/15TV station owner Nexstar to buy majority stake in CW Network
RE
08/15Growth stocks lift Wall Street out of slowdown worries
RE
08/15GLOBAL MARKETS LIVE : Prada, Koh'ls, Alphabet, Meta, Novartis...
MS
08/15TRANSCRIPT : Nexstar Media Group, Inc., Paramount Global, The CW Network, LLC, Warner Bros..
CI
08/15China blues
MS
08/15TV station owner Nexstar to buy majority stake in CW Network
RE
More news
Analyst Recommendations on NEXSTAR MEDIA GROUP, INC.
More recommendations