Nexstar Variable Interest Entity Mission Broadcasting Closes New $ 300 Million Guaranteed B Term Loan Facility

IRVING, Texas – (COMMERCIAL THREAD) – Nexstar Media Group, Inc. (Nasdaq: NXST) today announced that Mission Broadcasting, Inc. (“Mission”), a variable interest entity of the wholly owned subsidiary, Nexstar Media, Inc. (formerly Nexstar Inc. or Nexstar Broadcasting, Inc.) (“Nexstar”), has entered into a new $ 300 million B term loan facility. Mission’s new B term loan facility has a term of seven years and bears interest at LIBOR plus 2.50%, with a LIBOR floor of 0.0%. The B term loan facility includes six months of soft call 101 protection.

Mission intends to use the net proceeds of the new B term loan facility to repay borrowings under its existing revolving credit facility, pay service charges shared to Nexstar and for general corporate purposes. business. In addition, concurrent with the closing of Term Loan Facility B, Mission reallocated $ 255 million of its revolving credit facility commitments to Nexstar’s revolving credit facility.

Pro forma for Mission’s new B term loan facility, Nexstar’s guaranteed senior consolidated net leverage ratio and total net leverage ratio for the three-month period ended March 31, 2021, remained unchanged at 2 , 1x and 3.4x, respectively.

About Nexstar Media Group, Inc.

Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company leveraging localism to bring new services and value to consumers and advertisers through its traditional, digital and mobile media platforms. Its wholly-owned operating subsidiary, Nexstar Media Inc., is made up of three divisions: Broadcasting, Digital and Networking. The Broadcasting Division operates, schedules or provides sales and other services to 199 television stations and related digital multicast signals reaching 116 markets or approximately 39% of all U.S. television households (reflecting the UHF discount from the FCC). The division’s portfolio includes the main subsidiaries of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. The digital division operates 120 local websites and 284 mobile apps delivering hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how to access content and creating new revenue opportunities for the company. The Networks Division operates Nation News, formerly WGN America, a national cable news and entertainment network reaching 75 million television homes, the Antenna TV multicast network and WGN Radio in Chicago. Nexstar also owns a 31.3% stake in TV Food Network, a leading cable asset. For more information, please visit www.nexstar.tv.

About Mission Broadcasting, Inc.

Mission Broadcasting, Inc., a television broadcasting company founded in 1996, acquires, develops and operates interactive television stations and community websites in mid-sized markets in the United States. Its stations provide programming to viewers in its markets via cable or satellite services or over the air to those who use a television antenna. The company currently has television stations that broadcast in 25 markets across the country and has affiliation agreements with ABC, CBS, NBC, Fox, CW and MyNetwork. For more information, please visit missiondiffusioninc.com.

Forward-looking statements

This communication includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections regarding future events. Forward-looking statements include information preceded, followed by or that includes the words “guidance”, “belief”, “expects”, “anticipates”, “could” or similar expressions. For these statements, Nexstar claims safe harbor protection for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes net income, cash flow and operating expenses, involve risks and uncertainties, and are subject to change depending on various important factors, including the impact of changes in national and regional economies, capacity service and refinancing of our outstanding debt, the successful integration of acquired television stations and digital businesses (including the realization of synergies and cost reductions), fluctuations in local and national advertising prices, future regulatory measures and conditions in the operating areas of television stations, the competition of others in broadcast television markets, volatility of programming costs, effects of government regulation of b roadcasting, industry consolidation, technological developments and major global news events. Nexstar assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events referred to in this communication may not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. For more details on the factors that could affect these expectations, please see other documents filed by Nexstar with the Securities and Exchange Commission.


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