Bank of America and Bear Stearns are shopping a $255 million credit for Nexstar Broadcasting Group in order to back an undisclosed acquisition. The deal is split between a $175 million "B" term loan and an $80 million revolver, however, the pricing has not yet been determined. The credit is set to launch on Jan. 14. B of A and Bear Stearns officials declined to comment.
B of A currently leads a $182 million line for Nexstar, under the Nexstar Finance arm. Pricing on that credit is LIBOR plus 31/ 4% on the $75 million "B" loan, and LIBOR plus 31/ 2% on the pro rata, which consists of a $57 million revolver and a $50 million "A" loan.
Robert Thomson, executive v.p. and cfo of Nexstar, did not return calls regarding the acquisition plans. Nexstar is a television broadcasting company focused exclusively on the acquisition, development and operation of medium-sized markets in the U.S. The Irving, Texas-based company owns and operates 14 television stations and provides services to an additional six stations. It has doubled the size of its portfolio in the past three years. Some of the company's affiliates include NBC, CBS, ABC, FOX and UPN. President and ceo Perry Sook and Boston-based ABRY Partners, a private equity firm that solely invests in the media industry, founded Nexstar in 1996.