Nexstar has arranged a proposed $2.75 billion seven-year term loan B at a spread of S+275–300 with a 99 OID and yields of approximately 6.77–7.04%. The facility offers six months of 101 soft call protection, no ticking fees for 60 days, then 50% of the margin for days 61–120 and 100% thereafter.

This term loan, combined with $2.39 billion of other secured debt, $1.725 billion of unsecured debt, cash on hand and revolver borrowings, will fund the acquisition financing and refinance Nexstar’s 5.625% senior notes due 2027 and existing Tegna notes.

Under the transaction terms, Nexstar will acquire Tegna for $22 per share in a $6.2 billion all-cash deal including net debt, with Tegna shareholders already approving the merger and closing expected in the second half of 2026 pending regulatory clearance. Management projects annual cost and revenue synergies of around $300 million.

On a pro forma basis, Nexstar’s net leverage will reach approximately 4× at close, with a target to return to current leverage levels by 2028. The company’s existing debt stack includes a $1.3 billion covenant-lite TLB due 2032, a $1.86 billion term loan A and a $750 million revolver due 2030.