Nexstar Media Group, Inc. (NXST) shares rose 4.02 percent to $232.01, gaining $8.96 on Friday, after the company announced a large debt offering aimed at refinancing acquisition-related borrowings and existing notes.
The stock is currently trading at $232.01 compared with its previous close of $223.05. Shares opened at $229.66 and traded between $228.31 and $243.08 during the session on the Nasdaq. Trading volume reached about 191,698 shares, below the average volume of about 325,079 shares.
Nexstar said its wholly owned subsidiary plans to offer $3.39 billion of senior secured notes due 2033 and $1.725 billion of senior notes due 2034. Proceeds from the secured notes will be used mainly to repay bridge and secured credit facility borrowings tied to the acquisition of TEGNA Inc., while proceeds from the unsecured notes will help redeem existing 2027 notes.
The stock has traded in a 52-week range of $141.66 to $254.30.
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