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Nexstar Broadcasting Third Quarter Net Revenue Rises 39.8% To A Record $125.8 Million

Dividends

On October 25, 2013 the Board of Directors declared Nexstar’s fourth quarterly cash dividend of $0.12 per share of its Class A common stock which will be paid on December 2, 2013 to shareholders of record on November 15, 2013.

The consolidated total debt of Nexstar, its wholly owned subsidiaries, and Mission (collectively, the “Company”) at September 30, 2013, was $1,011.5 million and senior secured debt was $706.5 million. The Company’s total net leverage ratio at September 30, 2013 was 4.87x compared to a total permitted leverage covenant of 7.25x. The Company’s first lien net indebtedness ratio at September 30, 2013 was 2.11x compared to the covenant maximum of 3.50x.

The table below summarizes the Company’s debt obligations:

($ in millions)         9/30/13         12/31/12
First Lien Revolvers $ 55.0 $ -
First Lien Term Loans $ 396.6 $ 288.2
8.875% Senior Second Lien Notes due 2017 $ 309.9 $ 319.4
6.875% Senior Notes due 2020 $ 250.0         $ 250.0
Total Debt $ 1,011.5 $ 857.6
 
Cash on hand $ 24.6 $ 69.0
 
 

Notes Offering

On October 1, 2013, Nexstar Broadcasting Group’s wholly-owned subsidiary, Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”), completed the sale and issuance of $275.0 million aggregate principal amount of 6.875% senior notes due 2020. The notes have the same terms as, and are expected to be treated as a single class with, Nexstar Broadcasting’s $250.0 million in aggregate principal amount of 6.875% senior notes due 2020 issued on November 9, 2012.

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