By Steve McClellan -- Broadcasting & Cable, 1/5/2004 6:43:00 AM
Nexstar Broadcasting Group has completed its $230 million acquisition of Quorum Broadcast Holdings, adding 10 stations to its portfolio.
An 11th Quorum station, WTVW(TV) Evansville, Ind., is being spun off to a third party for $43 million. Nexstar now owns or operates 42 TV stations in 26 markets reaching 7% of the U.S.
The company said it has secured $125 million in private-lender financing to help fund the Quorum deal and replaced an existing $265 million revolving line of credit with a new $275 million credit facility with a better interest rate. Approximately $80 million will be available from the new revolver once the spinoff of WTVW is completed, said Nexstar CEO Perry Sook.
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