Gray Announces Paydown of Debt
April 05 2024 - 12:18PM
Gray Television, Inc. (“Gray” or the “Company”) (NYSE: GTN)
announced today that it has completed a series of debt principal
payments totaling $53.75 million.
These payments were comprised of a required principal payment of
$3.75 million on March 29, 2024, under its Term Loan D (due 2028),
a voluntary prepayment of the three remaining 2024 required
quarterly principal payments totaling $11.25 million on April 1,
2024, under its Term Loan D (due 2028), and a voluntary principal
payment of $38.75 million on April 1, 2024, under Gray’s Term Loan
E (due 2026).
The Company’s financial results for the first quarter of 2024
have not yet been completed, and that process is ongoing. The
Company expects to report its financial results for the first
quarter in early May.
Forward-Looking
Statements:
This press release contains certain forward looking statements
that are based largely on Gray’s current expectations and reflect
various estimates and assumptions by Gray. These statements are
statements other than those of historical fact and may be
identified by words such as “estimates”, “expect,” “anticipate,”
“will,” “implied,” “assume” and similar expressions.
Forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results and achievements to
differ materially from those expressed in such forward looking
statements. Such risks, trends and uncertainties, which in some
instances are beyond Gray’s control, include Gray’s inability to
timely report its financial results for the first quarter, and
other future events. Gray is subject to additional risks and
uncertainties described in Gray’s quarterly and annual reports
filed with the Securities and Exchange Commission from time to
time, including in the “Risk Factors,” and management’s discussion
and analysis of financial condition and results of operations
sections contained therein, which reports are made publicly
available via its website, www.gray.tv. Any forward-looking
statements in this communication should be evaluated in light of
these important risk factors. This press release reflects
management’s views as of the date hereof. Except to the extent
required by applicable law, Gray undertakes no obligation to update
or revise any information contained in this communication beyond
the date hereof, whether as a result of new information, future
events or otherwise.
About Gray:
Gray Television, Inc. is a multimedia company headquartered in
Atlanta, Georgia. Gray is the nation’s largest owner of top-rated
local television stations and digital assets. Its television
stations serve 114 television markets that collectively reach
approximately 36 percent of US television households. This
portfolio includes 79 markets with the top-rated television station
and 102 markets with the first and/or second highest rated
television station. Gray also owns video program companies Raycom
Sports, Tupelo Media Group, and PowerNation Studios, as well as the
studio production facilities Assembly Atlanta and Third Rail
Studios. Gray owns a majority interest in Swirl Films. For more
information, please visit www.gray.tv.
Gray Contact:
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
Jeff Gignac, Executive Vice President, Finance, 470-225-5453
Gray Television (NYSE:GTN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gray Television (NYSE:GTN)
Historical Stock Chart
From Apr 2023 to Apr 2024