Gray Television announced an agreement to increase its Term Loan G by $75 million and issued a conditional notice to redeem $150 million of its 10.500% senior secured notes due 2029, sending shares down 5.3% in the afternoon session. The $75 million is a delayed draw on the term loan due July 15, 2030, on the same terms as that loan, and Gray expects to fund it on or before October 19. The draw, plus cash on hand, would redeem the $150 million of 2029 notes at 105.250% of par plus accrued interest and cover fees, with the redemption conditioned on that funding. Afterward, Gray expects $200 million of the 2029 notes and $675 million of Term Loan G to be outstanding, a balance that would keep an earlier maturity from taking effect under yesterday's credit-agreement amendment filed with the SEC. The added loan is floating-rate debt at Term SOFR plus 3.50%, the same price as the $600 million term loan closed yesterday, when Gray also cut its revolver to $680 million from $750 million.
Gray Television IncGray is adding $75M of floating-rate Term Loan G debt and redeeming $150M of 10.500% 2029 notes at 105.250% of par, a refinancing/leverage move that sent shares down 5.3%.
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