Nexstar Media Group, Inc.

Nexstar Media Group, Inc., through its wholly owned subsidiary Nexstar Media Inc., has executed a significant debt financing transaction by issuing $1.725 billion in senior unsecured notes. This transaction represents a strategic refinancing of existing obligations, as the proceeds are specifically allocated to redeem the issuer's 5.625% Senior Notes due 2027, thereby extending the company's debt maturity profile. The 7.250% coupon reflects current market conditions for similarly rated corporate debt. The comprehensive guarantee structure, involving Nexstar Media Group, Inc., Mission Broadcasting, Inc., and other restricted subsidiaries, provides additional security to noteholders while potentially affecting the financial flexibility of the guarantors. The indenture's restrictive covenants impose meaningful limitations on the issuer's future corporate actions, including debt incurrence, dividend payments, and asset sales, which could constrain strategic initiatives. The redemption provisions offer the issuer flexibility to manage its capital structure, particularly the ability to redeem up to 40% of the notes with equity offering proceeds before April 2029. The change of control repurchase feature provides investor protection in potential acquisition scenarios. This private placement to qualified institutional buyers and non-U.S. investors under Regulation S allows the company to access capital markets efficiently without the registration requirements of a public offering.