Nexstar Broadcasting Group Inc. (NXST) announced the expiration and final results of the previously announced cash tender offer and consent solicitation by its wholly-owned subsidiary, Nexstar Broadcasting Inc. or Nexstar Broadcasting, to purchase any and all of its outstanding $3.91 million aggregate principal amount of 7% Senior Subordinated Notes due 2014 and $112.59 million aggregate principal amount of 7% Senior Subordinated PIK Notes due 2014. The tender offer expired pursuant to its terms at midnight, New York City time, on November 21, 2012.
On November 9, 2012, Nexstar Broadcasting made a payment in cash for all Notes tendered prior to November 6, 2012. As of the Consent Payment Deadline, Nexstar Broadcasting had received tenders and consents in respect of (i) $3.84 million aggregate principal amount of 2014 Notes, representing approximately 98.16% of the outstanding aggregate principal amount of the 2014 Notes, and (ii) $110.71 million aggregate principal amount of 2014 PIK Notes, representing approximately 98.33% of the outstanding aggregate principal amount of the 2014 PIK Notes, all of which were accepted for purchase. The total cash payment to purchase such Notes, including accrued and unpaid interest up to, but not including, the Early Settlement Date, was approximately $117.4 million.
As of the Consent Payment Deadline, Nexstar Broadcasting also received consents from holders representing a majority in aggregate principal amount outstanding of each of the 2014 Notes and the 2014 PIK Notes to adopt the proposed amendments to the indentures governing each of the 2014 Notes and the 2014 PIK Notes.
Between the Consent Payment Deadline and the Expiration Date, Nexstar Broadcasting received tenders for an additional $8,000 aggregate principal amount of the 2014 Notes.
A total of (i) approximately $64,000 in aggregate principal of the 2014 Notes remains outstanding and (ii) approximately $1,883,836 in aggregate principal of the 2014 PIK Notes remains outstanding. Nexstar Broadcasting or its affiliates may at any time and from time to time redeem or purchase in a privately negotiated transactions or otherwise the remaining Notes.
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