Nexstar Broadcasting Group, Inc.'s Initial Public Offering Priced at $14.00 Per Share
Irving, Texas (November 24, 2003) -- Nexstar Broadcasting Group, Inc
(NASDAQ: NXST) announced today the initial public offering of
10,000,000 shares of its common stock at $14.00 per share. The shares
will be quoted on the Nasdaq National Market under the symbol "NXST"
beginning November 24, 2003. Nexstar has granted to the underwriters
the option to purchase up to 1,500,000 additional shares of common
stock to cover over-allotments, if any.
Banc of America
Securities LLC acted as the sole book-running manager. Bear, Stearns
& Co. Inc. was a joint lead manager, and Lehman Brothers, UBS
Investment Bank and RBC Capital Markets acted as co-managers. The
offering is expected to close on November 28, 2003.
will be issued pursuant to a registration statement that was declared
effective by the Securities and Exchange Commission on November 21,
2003. The registration statement, in the form in which it became
effective, includes disclosure required by the SEC regarding compliance
of a recent amendment to the CEO's employment agreement with applicable
prohibitions on loans to insiders under the Sarbanes Oxley Act of 2002
("SOA"). While the disclosure indicates Nexstar's belief that this
amendment was not subject to such prohibitions, the issue is not
entirely free from doubt since there is no case law on point. Even if
it were determined that the amendment to the employment agreement did
constitute a violation under the SOA, Nexstar does not believe that any
consequences would have a material adverse effect. For additional
information regarding this matter, see page 3 of the final prospectus
referred to below.
This announcement shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction. Copies of the prospectus relating to these
securities may be obtained when available by writing to Banc of America
Securities, Capital Markets Operations (Prospectus Fulfillment
Department), 9 West 57th Street, New York, New York 10019, by facsimile
request at (212)-230-8540 or by e-mail request at DL-ProspectusDistribution@bofasecurities.com.
About Nexstar Broadcasting Group, Inc.
is a television broadcasting company focused on the acquisition,
development and operation of television stations located in
medium-sized markets in the United States. Nexstar currently owns and
operates 16 stations and provides management, sales or other services
to an additional ten stations.