Bank of America Offers $2.75 Billion Loan for Tegna Acquisition

Banks led by Bank of America Corp. have launched a $2.75 billion leveraged loan to help fund Nexstar Media Group Inc.’s pending acquisition of rival TV-station owner Tegna Inc, putting investor appetite to the test in a slumping US loan market.

The loan is being pitched at a margin of as much as three percentage points above benchmark and a discounted price of 99 cents on the dollar, according to a person familiar with the matter. Investor commitments are due March 18, the person added, asking not to be identified because details are not public.