Company Overview of Mission Broadcasting Inc.
Mission Broadcasting, Inc., a television broadcasting company, acquires, develops, and operates television stations in medium-sized markets in the United States. Its stations provide free over-the-air programming to its markets’ television viewing audiences. As of March 31, 2015, the company owned and operated 20 television stations and 2 digital multicast channels in New York, Pennsylvania, Illinois, Indiana, Missouri, Louisiana, Texas, Vermont, Arkansas, and Montana. Mission Broadcasting, Inc. is based in Westlake, Ohio.
30400 Detroit Road
Westlake, OH 44145
Key Executives for Mission Broadcasting Inc.
Principal Executive Officer, President, Principal Financial Officer, Principal Accounting Officer, Treasurer and Director
Compensation as of Fiscal Year 2015.
Mission Broadcasting Inc. Key Developments
Nexstar Broadcasting, Inc. and Mission Broadcasting, Inc. Enters into Amendments to Each of their Senior Secured Credit Facilities
May 9 14
On May 6, 2014, Nexstar Broadcasting, Inc. and Mission Broadcasting, Inc. entered into amendments to each of their senior secured credit facilities. The main provisions of the amendments, effective as of April 30, 2014, are as follows: Nexstar Broadcasting's and Mission's commitments under the Term Loan A Facilities were reduced to $112.2 million and $60.0 million, respectively, from $144.0 million and $90.0 million, respectively. Subject to reallocation of up to $18.0 million for the benefit of Rocky Creek Communications, Inc., Nexstar Broadcasting may reallocate its unused Term Loan A Facility to Mission and Mission may also reallocate its unused Term Loan A Facility to Nexstar Broadcasting. Extended the availability period of the unused Term Loan A Facilities until October 31, 2014. The quarterly principal payments under the Term Loan A Facilities will commence on December 31, 2014 until maturity on June 28, 2018. Nexstar Broadcasting and Mission will pay a commitment fee on unused Term Loan A Facilities of 1.0% per annum. The proceeds from borrowings under the Term Loan A Facilities may be used to fund the purchase price and related costs in connection with permitted acquisitions as defined in the amended credit agreements. On May 6, 2014, Nexstar prepaid $3.2 million of the outstanding principal balance under its Term Loan A pursuant to the terms of its amended credit agreement.
Nexstar Broadcasting Group, Inc. and Mission Broadcasting Inc. to Acquire Six Television Stations
Dec 20 13
Nexstar Broadcasting Group, Inc. announced that it and Mission Broadcasting, Inc. (Mission) have entered into definitive agreements to acquire six television stations in two markets for $37.5 million, in transactions that are expected to be immediately accretive upon closing. The stations are being acquired from Gray Television Group, Inc. (Gray) and Excalibur Broadcasting, LLC (Excalibur) and represent the equity interests of certain subsidiaries of Hoak Media, LLC (Hoak), and Parker Broadcasting, Inc. (Parker) which Gray and Excalibur previously agreed to purchase from Hoak and Parker, respectively. Under the terms of the agreements, Nexstar will acquire five stations from Gray, and Mission will acquire one station from Excalibur. Nexstar will fund $33.5 million of the purchase consideration and Mission will fund the $4 million balance. The acquisitions will be funded through internal sources, borrowings under the existing credit facilities and future credit market transactions.
Nexstar Broadcasting and Mission Broadcasting Enters into Amendments to Each of Their Senior Secured Credit Facility
Dec 13 13
On December 9, 2013, Nexstar Broadcasting, Inc., an indirect wholly-owned subsidiary of Nexstar Broadcasting Group, Inc., and Mission Broadcasting, Inc. entered into amendments to each of their senior secured credit facilities. As a result of the amendments, Nexstar Broadcasting repaid $5.0 million of its outstanding Term Loan B and Mission received an additional $5.0 million of Term Loan B. In addition, the outstanding principal balance of Nexstar Broadcasting and Mission under their Term Loan B of $239.8 million and $108.5 million, respectively, were converted into Term Loan B-2 effective December 9, 2013. The Term Loan B-2 bear interest at a floating rate, which can be either a base rate plus an applicable margin or, at the Borrower's option, a Eurodollar rate plus an applicable margin, as defined in the amended credit agreements. The applicable margin for the Term Loan B-2 is 1.75% per annum for base rate loans and 2.75% per annum for Eurodollar loans. The principal amounts under the Term Loan B-2 are reduced by quarterly payments of 0.25% of the aggregate principal amount beginning December 31, 2013. The remainder of the principal is due in full at maturity on October 1, 2020.
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