Long-term debt consisted of the following ($ in millions):


	March 31, 2025			December 31, 2024
Nexstar
Term Loan A, due June 2027	$	2,091		$	2,121
Term Loan B, due September 2026		1,358			1,358
5.625% Notes, due July 2027		1,714			1,714
4.75% Notes, due November 2028		1,000			1,000
Mission
Term Loan B, due June 2028		289			290
Revolving loans, due June 2027		62			62
Total outstanding principal		6,514			6,545
Less: unamortized financing costs and discount – Nexstar Term Loan A, due June 2027		(3	)		(4	)
Less: unamortized financing costs and discount – Nexstar Term Loan B, due September 2026		(12	)		(14	)
Add: unamortized premium, net of financing costs – Nexstar 5.625% Notes, due July 2027		2			2
Less: unamortized financing costs and discount – Nexstar 4.75% Notes, due November 2028		(5	)		(5	)
Less: unamortized financing costs and discount – Mission Term Loan B, due June 2028		(1	)		(1	)
Total outstanding debt		6,495			6,523
Less: current portion		(124	)		(124	)
Long-term debt, net of current portion	$	6,371		$	6,399

Nexstar’s outstanding term loans are governed by Nexstar’s credit agreement and Mission’s outstanding term loans and revolving loans are governed by Mission’s credit agreement. Each credit agreement is also herein referred to as a senior secured credit facility. Nexstar’s senior unsecured notes are governed by the indentures.

During the three months ended March 31, 2025, the Company repaid scheduled principal maturities of $31 million of its term loans.

Nexstar and Mission had $530 million (net of outstanding standby letters of credit of $20 million) and $14 million, respectively, of unused revolving loan commitments under their senior secured credit facilities, all of which were available for borrowing, based on the covenant calculations as of March 31, 2025. The Company’s ability to access funds under the senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of March 31, 2025, the Company was in compliance with its financial covenants.

The Company’s credit facilities described above are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses, the other assets of consolidated VIEs unavailable to creditors of Nexstar (see Note 2) and the assets of The CW. Nexstar (excluding The CW) guarantees full payment of all obligations incurred under the Mission senior secured credit facility in the event of Mission’s default. Mission is a guarantor of Nexstar’s senior secured credit facility, Nexstar’s 5.625% Notes, due July 2027 and Nexstar’s 4.75% Notes, due November 2028.

In consideration of Nexstar’s guarantee of the Mission senior secured credit facility, Mission has granted Nexstar purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements, which expire on various dates between 2025 and 2034, are freely exercisable or assignable by Nexstar without consent or approval by Mission. The Company expects these option agreements to be renewed upon expiration.

The Nexstar credit agreement (senior secured credit facility) contains a covenant which requires Nexstar to comply with a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. The financial covenant, which is formally calculated on a quarterly basis, is based on the combined results of the Company, excluding the operating results of The CW, which Nexstar designated as an unrestricted subsidiary under its credit agreements and indentures. The Mission amended credit agreement does not contain financial covenant ratio requirements but does provide for default in the event Nexstar does not comply with all covenants contained in its credit agreement. As of March 31, 2025, the Company was in compliance with its financial covenants.