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Nexstar Broadcasting Second Quarter Net Revenue Rises 42.0% To A Record $126.2 Million

Stocks in this article: NXST

Dividends

On July 26, 2013 the Board of Directors declared Nexstar’s third quarterly cash dividend of $0.12 per share of its Class A common stock which will be paid on August 30, to shareholders of record on August 16.

Credit Facility Amendments

On June 28, 2013, Nexstar and Mission entered into amendments to each of their senior secured credit facilities. The amendments provided commitments for incremental term loan facilities available to Nexstar of $144.0 million and to Mission of $90.0 million, subject to reallocation of up to $18.0 million for the benefit of an independent third party, who will acquire two television stations, pursuant to the transaction announced on April 24, 2013 and the terms of the amended credit agreements. On June 28, 2013, Nexstar received initial proceeds of $50.0 million under its incremental term loan facility, which was partially used to repay $27.0 million outstanding revolving loans. The remainder will be used for general corporate purposes.

The consolidated total debt of Nexstar, its wholly owned subsidiaries, and Mission (collectively, the “Company”) at June 30, 2013, was $994.3 million and senior secured debt was $744.3 million. The Company’s total net leverage ratio at June 30, 2013 was 4.69x compared to a total permitted leverage covenant of 7.25x. The Company’s first lien net indebtedness ratio at June 30, 2013 was 1.87x compared to the covenant maximum of 3.50x.

The table below summarizes the Company’s debt obligations:

 
($ in millions)         6/30/13         12/31/12
First Lien Revolvers $ 27.0 $ -
First Lien Term Loans $ 397.4 $ 288.2
8.875% Senior Second Lien Notes due 2017 $ 319.9 $ 319.4
6.875% Senior Notes due 2020 $ 250.0         $ 250.0
Total Debt $ 994.3 $ 857.6
 
Cash on hand $ 45.6 $ 69.0
 

Second Quarter Conference Call

Nexstar will host a conference call at 10:30 a.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 719/325-2435, conference ID 5199159 (domestic and international callers). In addition, a live audio webcast of the call will be accessible to the public on Nexstar’s web site, www.nexstar.tv and a recording of the webcast will be archived on the site for 90 days following the live event.

Definitions and Disclosures Regarding non-GAAP Financial Information

Broadcast cash flow is calculated as income from operations, plus corporate expenses, depreciation, amortization of intangible assets and broadcast rights (excluding barter) and loss (gain) on asset disposal, net, minus broadcast rights payments.

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