May 23, 2017 4:01 PM ET

Media

Company Overview of Mission Broadcasting Inc.

Company Overview

Mission Broadcasting, Inc., a television broadcasting company, acquires, develops, and operates television stations and interactive community Websites in medium-sized markets in the United States. Its stations provide free over-the-air programming to its markets’ television viewing audiences. As of December 31, 2016, the company owned and operated 18 television stations in 17 markets in the states of New York, Pennsylvania, Illinois, Indiana, Missouri, Louisiana, Texas, Vermont, Arkansas, and Montana. Mission Broadcasting, Inc. is headquartered in Westlake, Ohio.

30400 Detroit Road

Suite 304

Westlake, OH 44145

United States

39 Employees

Phone:

440-526-2227

Key Executives for Mission Broadcasting Inc.

President, Treasurer and Director
Age: 69
Chairman and Secretary
Age: 63
Compensation as of Fiscal Year 2016.

Mission Broadcasting Inc. Key Developments

Mission Broadcasting, Inc. Enters into Credit Agreement

On January 17, 2017 Mission Broadcasting Inc. entered into a credit agreement, dated as of January 17, 2017, by and among Mission, Bank of America, N.A., as the administrative agent and the collateral agent, and the financial institutions from time to time party thereto, pursuant to which Mission will have a term B loan facility in an aggregate principal amount of $232,000,000 and a revolving facility in an available aggregate principal amount of $3,000,000. The proceeds of the term facilities will be used to pay the cash consideration to refinance existing indebtedness of Mission and to pay transaction expenses. Revolving loans drawn under the revolving facility accrue interest at a rate equal to LIBOR plus 2.50% if the first lien leverage ratio of Nexstar Media Group Inc., a Delaware Corporation (Nexstar), is greater than 2.50:1.00, with further step-downs to LIBOR plus 2.25% and LIBOR plus 2.00% if Nexstar's first lien leverage ratio is less than 2.50:1.00 and less than 1.50:1.00, respectively. The term B facility carries an interest rate of LIBOR plus 3.00%. A 0% LIBOR floor applies to the revolving facility and the term B facility. The revolving facility matures five years after the Closing Date. The term B facility matures seven years after the Closing Date. If on the date that is 91 days prior to the respective stated maturity dates of the senior notes existing on the date the Mission Credit Agreement is entered into, there is more than $200 million in principal amount outstanding under any such senior notes, the maturity date of each of the credit facilities shall be such 91st day prior to the applicable stated maturity date instead. The term B facility has an amortization of 1% per annum. The term B facility has a customary 101% soft-call protection for the first six months after the Closing Date. The credit facility under the Mission Credit Agreement is guaranteed by Mission, certain of Mission's direct and indirect wholly-owned subsidiaries, Nexstar and certain of Nexstar's direct and indirect wholly-owned subsidiaries, with customary exceptions, and are secured by substantially all assets of Mission and the other guarantors, with customary exceptions. The Mission Credit Agreement contains various customary covenants that restrict Mission's and its restricted subsidiaries' ability to, among other things: (i) incur additional debt and issue preferred stock; (ii) pay dividends and make other distributions; (iii) make investments and other restricted payments; (iv) make acquisitions; (v) merge, consolidate or transfer all or substantially all of Mission's assets; (vi) create liens; (vii) sell assets or stock of its subsidiaries; and (viii) enter into transactions with affiliates.

Nexstar Broadcasting Group, Inc., Mission Broadcasting Inc. and White Knight Broadcasting, Inc. Announce Distribution Agreement

Katz Broadcasting and Bounce TV announced that stations owned or programmed by Nexstar Broadcasting Group, Inc.,Mission Broadcasting, Inc. and White Knight Broadcasting, Inc. will carry Escape, Grit, Laff and Bounce TV on 130 channel locations across 81 stations in 54 markets. The announcement follows the execution of multi-year agreements with Nexstar, Mission and White Knight by Katz Broadcasting, which owns and operates Escape, Grit and Laff, and Bounce Media, the parent company of Bounce TV. The agreement will add: 42 new Escape markets, driving Escape to 85% of the United States which represents 99 million homes; 28 new markets for Grit, putting Grit in 93% of the U.S., 108M households; 45 new Laff markets; Laff is now in 85% of the country, 99M homes; 15 new markets for Bounce TV plus Bounce has been renewed by Nexstar in eight other markets and Mission in one market. Bounce TV is now in 81% U.S., 94M homes and 92% of African-American households. The four networks will be carried in multiple combinations on the Nexstar/Mission/White Knight stations in the following markets: Washington, D.C./Hagerstown MD; Phoenix, AZ, Salt Lake City, UT; Memphis, TN; Fresno, CA; Wilkes Barre-Scranton, PA; Little Rock-Pine Bluff, AR; Charleston/Huntington, WV; Green Bay, WI; Roanoke-Lynchburg, VA; Ames-Des Moines, IA; Springfield, MO; Rochester, NY; Huntsville, AL; Shreveport, LA; Syracuse, NY; Champaign-Decatur-Springfield, IL; Harlingen-Weslaco-Brownsville, TX; Waco-Temple-Bryan, TX; El Paso, TX; Baton Rouge, LA; Burlington, VT; Fort Smith-Fayetteville-Springdale-Rogers, AR; Davenport, IA/Rock Island-Moline, IL; Evansville, IL; Johnstown-Altoona, PA; Tyler, TX; Peoria, IL; La Crosse-Eau Claire, WI; Amarillo, TX; Rockford, IL; Monroe, LA/El Dorado, AR; Lubbock, TX; Odessa-Midland, TX; Wichita Falls, TX/Lawton, OK; Sioux City, IA; Erie, PA; Joplin, MO; Panama City, FL; Terre Haute, IN; Bluefield/Beckley/Oak Hill, WV; Binghamton, NY; Abilene/Sweetwater, TX; Billings, MT; Clarksburg/Weston, WV; Utica, NY; Dothan, AL; Elmira, NY; Jackson, TN; Watertown, NY; Alexandria, LA; Marquette, WI; Grand Junction, CO and San Angelo, TX.

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