Nexstar Broadcasting Group Inc. (NASDAQ: NXST) reported Tuesday that its subsidiary was offering to buy back some $42.6 million in outstanding notes, according to Associated Press.
The offer covers senior subordinated notes set to mature in 2014 and is for $1,045 for every $1,000 in principal amount in debt, plus any accrued interest by the settlement date. It is subject to several conditions, which include the company's ability to raise the money necessary through another note offering.
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Debtholders must tender their notes by April 16 to receive the full amount in the offer. Those who tender notes after the deadline can receive $1,015 for every $1,000 in principal amount, plus accrued interest.
Nexstar shares rose 21 cents, or 4.2 percent, to $5.20 in afternoon trading Tuesday.
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