ATLANTA, Jan. 6, 2011 /PRNewswire/ -- Gray Television,
Inc. ("Gray," "we," or "our")(NYSE: GTN and GTN.A) today
announced that during the year ended December 31, 2010 it used cash from operations to
make a total of $50.2 million in
payments on its outstanding debt balances.
Based upon preliminary unaudited information for the year ended
December 31, 2010, Gray believes its
outstanding indebtedness approximates $826.7
million comprised of approximately $467.8 million of amounts outstanding under its
senior secured credit facility and $358.9
million of amounts outstanding under its 10.5% senior
secured second lien notes (excluding approximately $6.1 million of unamortized original issue
discount).
Gray Television, Inc.
Gray Television, Inc. is a television broadcast company
headquartered in Atlanta, GA.
We currently operate 36 television stations serving 30
markets. Each of the stations are affiliated with either CBS
(17 stations), NBC (10 stations), ABC (8 stations) or FOX (1
station). In addition, we currently operate 39 digital second
channels including 1 ABC, 4 Fox, 7 CW, 18 MyNetworkTV, 2 Universal
Sports Network, plus 7 local news/weather channels in certain of
our existing markets.
Cautionary Statements for Purposes of the "Safe Harbor"
Provisions of the Private Securities Litigation Reform Act
The comments contained in this press release that are not
statements of historical facts, including statements on our current
expectations of outstanding indebtedness and other future events
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the federal securities
laws. Actual results of operations are subject to a number of
risks and uncertainties and may differ materially from the current
expectations discussed in this press release. All
information set forth in this release and its attachments is as of
January 6, 2011. We do not
intend, and undertake no duty, to update this information to
reflect future events or circumstances. Information about
potential factors that could affect our business and financial
results and cause actual results to differ materially from those in
the forward-looking statements are included under the captions,
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations," in our Annual
Report on Form 10-K for the year ended December 31, 2009 and in subsequently filed
quarterly reports on Form 10-Q, which are on file with the SEC and
available at the SEC's website at www.sec.gov.
www.gray.tv
SOURCE Gray Television, Inc.