Recovery Report: Nexstar Broadcasting Group Inc.'s Recovery Rating Profile Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services is updating our recovery analysis on Irving, Texas-based TV broadcaster Nexstar Broadcasting Group Inc. as part of our ongoing surveillance. Our simulated default scenario contemplates a default in 2015 because of discretionary cash flow deficits resulting from a larger-than-expected drop in EBITDA in a nonelection year. In the event of a default, our default scenario assumes that Nexstar would reorganize or sell its valuable assets. In April 2011, Nexstar entered into a $50 million incremental senior secured term loan and used the proceeds to redeem its remaining outstanding 11.375% senior discount notes due 2013. As of March 31, 2011, pro forma for the $50 million incremental loan and paydown of the 11.375% notes, the company's...
Companies mentioned in this report are:
- Nexstar Broadcasting Group Inc.
- Nexstar Broadcasting Inc.
- Nexstar Finance Holdings Inc.
- Mission Broadcasting Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Nexstar Broadcasting Group Inc.
- Nexstar Broadcasting Inc.
- Nexstar Finance Holdings Inc.
- Mission Broadcasting Inc.
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