Gray Announces Additional Voluntary Paydown Of Debt

Gray Television said today that “in light of continued strong cash flow,” for the second quarter in a row, Gray Television returned “a significant amount of capital” to its shareholders during the quarter ending Sept. 30 through cash dividends and repayment of debt.

These payments were comprised of a voluntary principal payment of $100 million under Gray’s 2017 Term Loan B (due 2024), as well as a required principal payment of $3.75 million under the 2021 Term Loan D (due 2028), both of which were made on September 30, 2022, and $20 million of cash dividends to our preferred and common shareholders, which were made earlier in the quarter.

Gray said it continues to anticipate that continued strong cash flow will enable the company to fund additional de-leveraging and cash dividend payments throughout the remainder of this year.

The company’s financial results for the third quarter have not yet been completed, and that process is ongoing. It said it expects to report its financial results for the quarter in approximately four weeks.