Gray Repurchase Shares For $10.4 Million
Gray Television Inc. announced today that on Dec. 9 it completed the repurchase of an additional 68.73 shares of its Series D perpetual preferred stock in a series of private transactions. These shares were repurchased at their liquidation value of $100,000 per share, plus accrued dividends of $3.6 million.
The total cost of this transaction of $10.4 million was funded from a combination of cash balances on hand and borrowings under our revolving credit facility. After giving effect to this transaction, 259.22 shares of its Series D perpetual preferred stock remain outstanding.
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