Nexstar Media (NXST) Refinances Credit Facilities

Nexstar Media Group, Inc. (NASDAQ: NXST) (the “Company”) announced today that its wholly owned subsidiary, Nexstar Media Inc. (“Nexstar”), and Mission Broadcasting, Inc. (“Mission”), a variable interest entity of the Company, successfully completed refinancings of their revolving credit facilities, Term Loan A and Term Loan B in full. The refinancing extends maturities, provides expanded capacity under Nexstar’s revolver, reduces interest rate margin and further strengthens the Company’s capital structure and financial flexibility.

The new credit facilities include:

• New $750 million Nexstar Revolving Credit Facility due 2030
• New $75 million Mission Revolving Credit Facility due 2030
• New $1,905 million Nexstar Term Loan A due 2030
• New $1,300 million Nexstar Term Loan B due 2032

The revolving credit facilities and Term Loan A bear interest at the Secured Overnight Financing Rate (SOFR) plus 150 basis points per annum (subject to a pricing grid), representing a 10 basis point credit spread reduction compared to the rate on the prior credit facilities. The revolving credit facilities and Term Loan A priced with an upfront fee of 0.125% or 0.25% for rolled or new commitments. The Term Loan B bears interest at SOFR plus 250 basis points per annum, representing an 11 basis point credit spread reduction for 1-month SOFR compared to the rate on the prior Term Loan B. The Term Loan B priced with an original issue discount of 1.00%.

Together with cash on hand, the net proceeds of the new credit facilities refinanced Nexstar’s $550 million revolving credit facility due 2027, Mission’s $75 million revolving credit facility due 2027, Nexstar’s $2,091 million Term Loan A due 2027 and Nexstar’s $1,358 million Term Loan B due 2026 along with transaction fees and expenses.

More information can be found in the 8-K filed by the Company today.

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