Nexstar Media Group Inc. is issuing a new $2.75 billion term loan B, which it will use to partially finance its acquisition of U.S. local TV broadcaster TEGNA Inc. and to refinance existing debt. We estimate pro forma S&P Global Ratings-adjusted net debt to EBITDA (calculated on an average trailing-eight-quarters basis) will rise to about 4.6x at closing. We see a clear path for the company to reduce leverage to under 4x, our downgrade threshold for the ?BB+? ratings, within two years. As a result, we affirmed our ?BB+? issuer credit rating and removed all our ratings on Nexstar from CreditWatch, where they were placed with negative implications on Aug. 19, 2025. At the same time, we affirmed the ?BBB-?
