April 20, 2018 8:27 PM ET

Diversified Financial Services

Company Overview of Nexstar Escrow Corporation

Company Overview

Nexstar Escrow Corporation is a debt issuing vehicle. The company is based in Texas. Nexstar Escrow Corporation operates as a subsidiary of Nexstar Broadcasting Group, Inc.

, TX 

United States

Key Executives for Nexstar Escrow Corporation

Nexstar Escrow Corporation does not have any Key Executives recorded.

Nexstar Escrow Corporation Key Developments

Nexstar Escrow Corporation Announces Closing of $900 Million Offering of Senior Notes

Nexstar Broadcasting Group Inc. announced that Nexstar Escrow Corporation has closed the previously announced private offering of $900 million in aggregate principal amount of 5.625% new senior notes due 2024, which priced at par. The Escrow Issuer, which was created solely to issue the Notes, will deposit the gross proceeds of the offering into a segregated escrow account until the date that certain escrow release conditions are satisfied. The Notes will be senior unsecured obligations of the Escrow Issuer. Prior to the release of the proceeds from escrow, the Escrow Issuer will merge with and into Nexstar Broadcasting Inc. Upon the release of the proceeds from escrow, Nexstar Broadcasting will assume the obligations under the Notes and the Notes will be guaranteed by the company, Mission Broadcasting Inc. and certain Nexstar Broadcasting and Mission future restricted subsidiaries on a senior unsecured basis.

Nexstar Escrow Prices $900 Million Offering of Senior Notes

Nexstar Broadcasting Group reported that its wholly-owned subsidiary, Nexstar Escrow, has priced an offering of $900 million in aggregate principal amount of 5.625% new senior notes due 2024. The sale of the notes is expected to be completed on or about July 27, subject to customary closing conditions. The notes were priced at 100%, in a private offering. The Escrow Issuer, which was created solely to issue the Notes, will deposit the gross proceeds of the offering into a segregated escrow account until the date that certain escrow release conditions are satisfied. The Notes will be senior unsecured obligations of the Escrow Issuer.

Nexstar Escrow Corporation Intends to Offer Up to $900,000,000 in Aggregate Principal Amount of Senior Notes Due 2024 in A Private Offering

On July 13, 2016, Nexstar Broadcasting Group Inc. announced that its wholly owned subsidiary, Nexstar Escrow Corporation intends to offer, subject to market and other customary conditions, up to $900,000,000 in aggregate principal amount of senior notes due 2024 in a private offering. The Escrow Issuer, which was created solely to issue the notes, will deposit the gross proceeds of the offering into a segregated escrow account until the date that certain escrow release conditions are satisfied. Prior to the consummation of the Merger the notes will be secured by a first-priority security interest in the escrow account and all deposits and investment property therein. The Company intends to use the net proceeds from the notes offering, together with borrowings under new credit facilities, (i) to finance a portion of the cash consideration for the Merger, (ii) to partially fund the repayment of any and all of Media General's existing indebtedness and the Company's existing senior secured credit facilities, (iii) to pay related fees and expenses and (iv) for general corporate purposes. The notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act), or, outside the United States, to persons other than U.S. persons in compliance with Regulation S under the Securities Act.

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