ATLANTA, June 4, 2024 (GLOBE NEWSWIRE) — Gray Television (NYSE: Gray Television, Inc.) (NYSE: GTN) today announced that it has completed the closing of a $1.15 billion term loan due 2026. refinanced to expand its revolving credit line.
In addition, the refinancing provides for a new $500 million Tranche F term loan with a maturity date of June 4, 2029, adding to the company’s existing $552.5 million revolving credit facility (which will mature on December 31, 2027 The total amount of commitments under the contract has increased by $127.5. promise.
With these refinancings completed, Gray’s next debt maturity is expected to occur after the 2024 and 2026 political cycles, when its 7.00% senior notes mature in May 2027. Gray has now increased and extended the total capacity of its revolvers from $500 million with various maturities in 2026 to $680 million with various maturities in 2027. .
About Gray:
Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the largest owner of top local television stations and digital properties in the United States. Its stations serve 114 television markets, reaching approximately 36% of U.S. television households. The portfolio includes 79 markets with the most-watched TV stations and 102 markets with the No. 1 and/or No. 2 most-watched TV stations. Gray also owns video programming companies Raycom Sports, Tupelo Media Group and PowerNation Studios, as well as studio production facilities Assembly Atlanta and Third Rail Studios. Gray owns a majority stake in Swirl Films. For more information, please visit www.gray.tv.
Gray contact person:
Jim RyanExecutive Vice President and Chief Financial Officer, 404-504-9828Jeff Gignacexecutive vice president of finance, 404-504-9828Kevin P. LatkeExecutive Vice President, Chief Legal and Development Officer, 404-266-8333
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Source: Gray Television
