April 23, 2018 7:49 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, 2017, the company owned and operated 19 television stations in 18 markets in the states of Arkansas, Colorado, Illinois, Indiana, Louisiana, Missouri, Montana, New York, Pennsylvania, Texas, and Vermont. Mission Broadcasting, Inc. was founded in 1998 and is headquartered in Westlake, Ohio.

30400 Detroit Road

Suite 304

Westlake, OH 44145

United States

Founded in 1998

42 Employees

Phone:

440-526-2227

Key Executives for Mission Broadcasting, Inc.

President, Treasurer & Director
Age: 70
Chairman & Secretary
Age: 64
Compensation as of Fiscal Year 2017.

Mission Broadcasting, Inc. Key Developments

Nexstar Media Group, Mission Broadcasting Inc., White Knight Broadcasting, Inc., Shield Media LLC, Tamer Media, Llc and Vaughan Media Llc to Launch Bounce, Escape, Grit & Laff on 43 New Channels, Renews and Extends 21 Current Station Agreements

In 2016, Nexstar Media Group, Inc. in conjunction with Mission Broadcasting, Inc. ("Mission") and White Knight Broadcasting, Inc. ("White Knight") entered the multicast distribution launch in the history of broadcast television. Nexstar, Mission, White Knight, along with new partners Shield Media LLC ("Shield"), Tamer Media, LLC ("Tamer") and Vaughan Media LLC ("Vaughan"), have agreed to add Bounce, Escape, Grit and Laff, the four leading new generation broadcast networks, on 43 more channels and has renewed affiliation agreements for 21 current stations with all affiliations extending well into the next decade. Once the new launches are in place, Katz networks will be available on over 200 channels from these broadcasters across the country. The new multi-year agreements cover 52 stations in 41 markets that are now owned or programmed by Nexstar following its acquisition of Media General in January 2017. Among the highlights: Bounce will be launched in Austin, Albuquerque, Colorado Springs and Albany, NY (on a station owned by Shield) with renewals in Indianapolis, Hartford, Norfolk, Grand Rapids, Providence and four other markets. Escape will be added to 16 stations including in Tampa, Raleigh, Austin and Birmingham and has been renewed in Grand Rapids, Albuquerque (on a station owned by Tamer), Dayton and Topeka. Grit will be launched in eight markets including San Francisco, Raleigh and Nashville while being renewed in Hartford, Austin, Grand Rapids and Albuquerque (on a station owned by Tamer). Laff will be carried in 13 new markets including Washington D.C., Columbus, OH and Harrisburg, PA and Birmingham and renewed in Austin, Grand Rapids, Albuquerque (on a station owned by Tamer) and 10 other DMAs. The latest distribution gains will drive Bounce to 86% of the United States and 95% of African-American households, while Escape, Grit and Laff will now reach 89%, 87% and 90% of all U.S. TV households, respectively.

Mission Broadcasting, Inc. Enters into Amendments to Each of its Senior Secured Credit Facilities

On July 19, 2017, Mission Broadcasting Inc. entered into amendments to each of its senior secured credit facilities. The main provisions of the amendments, effective as of July 19, 2017 (the “Effective Date”), are as follows: For its revolving facilities, a reduction in applicable margin for Eurodollar rate loans to 1.50%, if Mission Broadcasting Inc.’s consolidated first lien net leverage ratio is less than 1.50:1.00; 1.75% if it is less than 2.50:1.00 but greater than or equal to 1.50:1.00; 2.00% if it is less than 3.25:1.00 but greater than or equal to 2.50:1.00; and 2.25% if it is greater than or equal to 3.25:1.00. For its Term Loan B facilities, a reduction in applicable margin for Eurodollar rate loans to 2.50%. For its revolving facilities, extension of the maturity date to five years from the Effective Date.

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.

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