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Nexstar Plans $325 Million Senior Note Offering

Nexstar Broadcasting Group intends to offer $325
million worth
of senior secured second lien notes. Mission Broadcasting
will be a co-issuer of the notes; Nexstar manages a number of Mission's stations.

Nexstar and Mission intend to use the proceeds from the
offering to help repurchase Nexstar's outstanding 13% Senior Subordinated
Payment-in-Kind Notes due 2014 and to refinance both groups' existing senior
secured credit facilities, among other things.

Nexstar and Mission have also proposed an amendment to
each of their senior secured credit facilities, which, among other items, would
extend the maturity of their existing facilities, adjust the existing leverage
covenants, permit the incurrence of the additional indebtedness and grant the
second-priority senior secured lien securing the notes.

Under the proposed amendments, the
two groups are seeking to reduce their revolving commitments to an aggregate
$75 million allocated between each credit agreement and refinancing the Term
Loan B facilities in aggregate amount equal to $100 million. The amendments
will become effective concurrently with the completion of the offering of

Irving-based Nexstar owns,
operates or provides services for 62 stations in 34 markets.