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NEXSTAR MEDIA GROUP, INC.

(NXST)
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Nexstar Media : Announces Pricing of $1,000 Million Offering of Senior Notes

09/15/2020 | 04:07pm EDT

Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or the “Company”) announced today that its wholly-owned subsidiary, Nexstar Broadcasting, Inc. (the “Issuer”), has priced its previously announced offering of $1,000 million in aggregate principal amount of 4.75% Senior Notes due 2028 (the “Notes”) in a private offering. The Notes will have a maturity date of November 1, 2028.

The sale of the Notes is expected to be completed on or about September 25, 2020, subject to customary closing conditions. The Notes were priced at 100.00% of their face value and will be the Issuer’s senior unsecured obligations and will be guaranteed by the Company, Mission Broadcasting, Inc. (“Mission”) and certain of the Issuer’s and Mission’s existing and future restricted subsidiaries on a senior unsecured basis.

The Issuer intends to use the net proceeds from the proposed offering to redeem the Issuer’s 5.625% Senior Notes due 2024 (“2024 Notes”) in full and pay related premiums, accrued and unpaid interest and fees and expenses, with the remainder to be used for general corporate purposes. On September 15, 2020, the Issuer caused to be delivered to the holders of its 2024 Notes conditional notices of redemption relating to the full redemption of all of its outstanding 2024 Notes on September 25, 2020. This press release does not constitute a notice of redemption of the 2024 Notes.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.

About Nexstar Media Group, Inc.

Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 196 television stations and related digital multicast signals reaching 114 markets or approximately 38% of all U.S. television households (reflecting the FCC’s UHF discount). Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. Nexstar also owns WGN America, a growing national general entertainment cable network and a 31.3% ownership stake in TV Food Network, a top-tier cable asset. For more information please visit www.nexstar.tv.

Forward-Looking Statements

This press release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this press release, concerning, among other things, the Issuer’s issuance of the Notes and the use of proceeds therefrom, involve risks and uncertainties, and are subject to change based on various important factors, including the Issuer’s ability to consummate the offering of the Notes, current capital and debt market conditions, risks and uncertainties related to the global Coronavirus Disease 2019 (“COVID-19”) pandemic, including, for example, expectations regarding the impact of COVID-19 on our businesses and our future financial performance; our ability to obtain financial and tax benefits from the Coronavirus Aid, Relief, and Economic Security Act; the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2019, Nexstar’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 and Nexstar’s subsequent public filings with the Securities and Exchange Commission.


© Business Wire 2020
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Financials (USD)
Sales 2021 4 609 M - -
Net income 2021 737 M - -
Net Debt 2021 7 253 M - -
P/E ratio 2021 8,79x
Yield 2021 1,91%
Capitalization 6 266 M 6 266 M -
EV / Sales 2021 2,93x
EV / Sales 2022 2,54x
Nbr of Employees 11 749
Free-Float 87,2%
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Number of Analysts 10
Last Close Price 146,60 $
Average target price 176,40 $
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Managers and Directors
NameTitle
Perry A. Sook Chairman & Chief Executive Officer
Thomas E. Carter President, Chief Operating & Financial Officer
Dione J. Rigsby Vice President-Technology
Brett E. Jenkins Chief Technology Officer & Executive VP
Irving Martin Pompadur Independent Director
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