Nexstar Finalizes $5.14 Billion Debt Issuance to Fund TEGNA Acquisition and Refinancing

summarizeSummary

Nexstar Media Group completed a $5.14 billion debt issuance and refinancing, including $3.39 billion in new secured notes and a $1.75 billion term loan, to fund its TEGNA acquisition and related debt obligations.

check_boxKey Events

• Senior Secured Notes Issued

  Nexstar Media Inc. issued $3,390 million in aggregate principal amount of 6.500% Senior Secured Notes due 2033 on March 25, 2026.

• New Incremental Term Loan Facility

  A new incremental senior secured term B loan facility of $1,750 million was established on March 25, 2026.

• Bridge Facility Repaid

  Approximately $1.2 billion of borrowings outstanding under the Bridge Facility, incurred for the TEGNA acquisition, were repaid.

• TEGNA Notes Tendered and Redeemed

  Proceeds were used to fund the purchase of approximately $1,000 million of TEGNA's 5.00% senior notes due 2029 via a tender offer and to redeem all outstanding TEGNA's 4.625% Senior Notes due 2028.

auto_awesomeAnalysis

This filing details the successful execution of Nexstar Media Group's financing strategy for its acquisition of TEGNA Inc., providing concrete terms for previously announced debt plans. The company issued $3.39 billion in 6.500% Senior Secured Notes due 2033 and established a $1.75 billion incremental senior secured term loan facility. These funds were primarily used to repay approximately $1.2 billion of borrowings under a bridge facility incurred for the TEGNA acquisition, fund a $1.0 billion tender offer for TEGNA's 5.00% senior notes due 2029, and redeem all outstanding TEGNA's 4.625% Senior Notes due 2028. This substantial capital restructuring, totaling $5.14 billion in new debt, is a critical step in integrating the TEGNA acquisition and managing the combined entity's capital structure.