On Nov. 25, 2003, Standard&Poor's Ratings Services assigned its 'B+' rating to Nexstar Finance LLC's and Nexstar Finance, Inc.'s proposed $55 million senior secured credit facility. At the same time, Standard&Poor's assigned its 'B+' rating to Mission Broadcasting, Inc.'s $140 million senior secured term loan C. These debt obligations guaranteed by Nexstar Broadcasting Group LLC. Standard&Poor's also assigned its 'B-' rating to Nexstar Finance LLC's and Nexstar Finance Inc.'s proposed $125 million senior subordinated notes due 2013, which were not guaranteed by Nexstar Broadcasting Group LLC. Proceeds from the transactions are expected to be used to refinance existing debt and preferred securities, and to help fund the company's acquisition of Quorum Broadcast Holdings LLC.
