Gray Announces Proposed $2.15 Billion Loan

Gray Television is proposing, subject to market and other conditions, to replace its existing priority revolving credit facility with a new five-year revolving credit facility, amend its current term loan and incur up to $2.15 billion of additional term loans under its senior credit facility.

Gray also announced updates to certain of its previously announced guidance for the third quarter of 2018, based on preliminary information available to date.

Gray said it expects to amend its senior credit facility through some or all of the following, which would:

• Amend certain terms of its revolving credit facility, increase the amount available under the revolver from $100 million to $200 million, and extend the maturity from February 2022 to October 2023.
• Amend certain terms of its existing $595 million term loan that matures in February 2024.
• Incur up to an additional $2.15 billion seven-year incremental term loan under the Senior Credit facility to finance, in part, its previously announced acquisition of Raycom Media Inc.