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Gray TV Uses Cash To Pay Down Debt

Gray Television Inc. today announced that during the year ended Dec. 31, 2010, it used cash from operations to make a total of $50.2 million in payments on its outstanding debt balances. Based upon preliminary unaudited information for 2010, Gray believes its outstanding indebtedness approximates $826.7 million composed of approximately $467.8 million of amounts outstanding under its senior secured credit facility and $358.9 million of amounts outstanding under its 10.5% senior secured second lien notes (excluding approximately $6.1 million of unamortized original issue discount).

By TVNewsCheck | January 6, 2011 | 8:27 a.m. ET.
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