ATLANTA, MAY 15, 2024 Gray Television, Inc. (NYSE: GTN), a leading media company, has announced the commencement of a significant refinancing process aimed at extending its near-term debt maturities and enhancing financial flexibility. This move includes the refinancing of its existing $1.15 billion term loan due 2026 and up to $450 million of its 5.875% senior notes also due 2026. The ambitious refinancing plan will encompass approximately $750 million of new senior secured term loans maturing in 2029 and an additional $750 million of senior secured debt. In conjunction with this strategy, the company will utilize approximately $100 million from its revolving credit facility, which is due in 2027, as well as cash on hand.
This planned refinancing is a robust step towards fortifying Gray Television’s financial structure, ensuring that the company’s capital management remains optimal amid evolving market dynamics. By addressing these substantial debt obligations now, Gray Television is positioning itself for sustained growth and operational stability in the coming years.
Quarterly Dividend Affirmation’
In another signal of its financial health, Gray Television announced a quarterly cash dividend of $0.08 per share for its common stock and Class A common stock, as authorized by its Board of Directors. This dividend is set for disbursement on June 28, 2024, to shareholders recorded by the close of business on June 14, 2024. The consistent dividend payout underscores Gray’s commitment to delivering shareholder value, reflecting confidence in its ongoing operational and financial strategies.
Investing in NEXTGEN TV’
Driving technological advancements, Gray Television has also made significant strides in rolling out advanced features associated with NEXTGEN TV. The company proudly announced during Derby Week in Louisville, Kentucky, a series of key initiatives aimed at accelerating the transition to this innovative broadcasting standard. NEXTGEN TV, which promises superior picture quality and immersive audio experiences, is set to enrich viewing experiences for Gray’s local community audiences. The initiative signifies not only Gray’s dedication to technological leadership but also its responsiveness to evolving consumer demands for higher-quality viewing experiences.
Strategic Vision for the Future’
The commencement of the $1.6 billion refinancing process, the continuity of shareholder dividends, and the proactive enhancement of broadcast technologies collectively reflect Gray Television’s strategic vision: to maintain financial resilience while leading in broadcast innovation. As Gray Television continues to navigate the competitive media landscape, these measures will likely fortify its market position and drive long-term shareholder value.
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