Gray Television announced Tuesday, June 4, that it has closed a refinancing of its $1.15 billion term loan due in 2026 and upsizing of its revolving credit facility.
The refinancing, among other things, provides a new $500 million tranche F term loan with a maturity date of June 4, 2029, increased aggregate commitments under the company’s existing $552.5 million tranche of the revolving credit facility that matures on Dec. 31, 2027, by $127.5 million, resulting in aggregate commitments under the revolving credit facility of $680 million, and a termination of the separate commitments under a $72.5 million tranche of the revolving credit facility that matures on Dec. 1, 2026.
With the completion of these refinancing efforts, Gray’s next debt maturity is expected to occur following the 2024 and 2026 political cycles, when its 7.00% Senior Notes mature in May 2027. In addition, in combination with the February 2024 upsizing and extension of its revolver, Gray has now increased its total capacity under, and extended, its revolver from $500 million with varying maturity dates in 2026, to $680 million with a maturity date of Dec. 31, 2027.
Leave a Reply
You must be a logged in member to post a comment.
Log In Register Now