Gray Television Makes Significant Progress on Debt Reduction and Replenishes Authorization for Additional Debt Reduction
20 Novembro 2024 - 6:46PM
Gray Television, Inc. (“Gray,” “Gray Media,” the “Company,” “we,”
“us” or “our”) (NYSE: GTN) has completed a series of transactions
that collectively reduced the Company’s principal amount of debt
outstanding by $278 million since October 1, 2024, bringing the
Company’s total principal debt reduction to $519 million since
January 1, 2024. Accordingly, our Board of Directors today
has authorized an increase in our previously announced debt
repurchase authorization, replenishing the authorization to a total
of $250 million of available liquidity to repurchase our
outstanding indebtedness. We anticipate that the meaningful
reduction in our outstanding debt this year will result in a
significant reduction of cash interest expense going forward.
Through various recently completed transactions since November
8, 2024, we have used approximately $204 million of cash on hand to
repurchase and retire approximately $239 million of principal
amount of debt consisting of:
(a) $5 million of
outstanding principal of Term Loan D due December 1, 2028, (b) $143
million of outstanding principal of 2027 Notes,(c) $10 million of
outstanding principal of 2030 Notes, and(d) $81 million of
outstanding principal of 2031 Notes.
As a result of these transactions, the Company currently has
outstanding debt in the following principal amounts:
|
|
|
|
|
|
|
Principal Amount Outstanding($ in millions) |
December 31, 2023Actual |
|
September 30, 2024Actual |
|
November 20, 2024Actual |
|
Revolving Credit Facility due 12/31/2027 ($680 million
commitment) |
|
|
- |
|
- |
|
2021 Term Loan due 12/1/2028 (S + 300) |
|
|
$1,439 |
|
$1,395 |
|
2024 Term Loan due 6/4/2029 (S + 525) |
|
|
499 |
|
499 |
|
10.5% Senior Secured Notes due 7/15/2029 |
|
|
1,250 |
|
1,250 |
|
Total outstanding principal secured by a first
lien |
$2,660 |
|
$3,188 |
|
$3,144 |
|
5.875% Senior Unsecured Notes due 7/15/2026 |
|
|
10 |
|
10 |
|
7.000% Senior Unsecured Notes due 5/15/2027 |
|
|
671 |
|
528 |
|
4.750% Senior Unsecured Notes due 10/15/2030 |
|
|
800 |
|
790 |
|
5.375% Senior Unsecured Notes due 11/15/2031 |
|
|
1,300 |
|
1,219 |
|
Total outstanding principal, including current
portion |
$6,210 |
|
$5,969 |
|
$5,691 |
|
|
The extent of future repurchases, including the amount and
timing of any repurchases, will depend on general market
conditions, regulatory requirements, alternative investment
opportunities and other considerations. This repurchase
program supersedes any previous repurchase authorization, does not
require us to repurchase a minimum amount of debt, and it may be
modified, suspended or terminated at any time without prior
notice.
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,” “intend,” “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 ability to
complete its debt repurchasing efforts on the terms and within the
timeframe currently contemplated, the reduction of cash interest
expenses, 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 Media, or Gray, is a multimedia company headquartered in
Atlanta, Georgia, formally known as Gray Television, Inc. The
company is the nation’s largest owner of top-rated local television
stations and digital assets serving 113 television markets that
collectively reach approximately 36 percent of US television
households. The portfolio includes 77 markets with the top-rated
television station and 100 markets with the first and/or second
highest rated television station, as well as the largest Telemundo
Affiliate group with 43 markets totaling nearly 1.5 million
Hispanic TV Households. The company also owns Gray Digital Media, a
full-service digital agency offering national and local clients
digital marketing strategies with the most advanced digital
products and services. Gray’s additional media properties include
video production companies Raycom Sports, Tupelo Media Group, and
PowerNation Studios, and studio production facilities Assembly
Atlanta and Third Rail Studios. Gray owns a majority interest in
Swirl Films. For more information, please visit
www.graymedia.com.
Gray Contacts:
Jeff Gignac, Executive Vice President and Chief
Financial Officer, 404-504-9828Kevin P. Latek,
Executive Vice President, Chief Legal and Development Officer,
404-266-8333
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