Gray Television, Inc. (Gray), a leading American television broadcasting company, has recently announced the appointment of Greg Connor as the new General Manager for WRDW (CBS) and WAGT (NBC) in Augusta, Georgia. This significant development comes as Mike Oates, the current General Manager, prepares to retire after serving the stations for an impressive 33 years, including the past 7 as General Manager.
Greg Connor will assume his new role within Gray Television on June 3, 2024. With his extensive experience and expertise in the industry, Connor is expected to seamlessly lead the team and oversee the operations of both WRDW and WAGT.
This appointment showcases Gray Television’s commitment to maintaining a strong leadership team and ensuring a smooth transition. The company acknowledges Mike Oates’ remarkable contributions over the years and expresses gratitude for his dedication and service. By appointing Greg Connor, Gray Television aims to continue providing exceptional programming and maintaining its prominent market presence in Augusta, Georgia.
In a related development, the company recently announced its intentions to offer up to $1 billion aggregate principal amount of senior secured first lien notes due 2029, subject to market conditions. The purpose of this private offering is to refinance the existing debts and extend the Company’s near-term Gray Television, "https://csimarket.com/stocks/at_glance.php?code=GTN">GTN&Tte">debt maturities. Gray Television seeks to refinance approximately $1.15 billion term loan due 2026 and up to $450 million of its 5.875% senior notes due 2026. The is to replace this outstanding debt with new senior secured term loans maturing in 2029 worth approximately $750 million and additional senior secured debt of approximately $750 million. This refinancing process, combined with borrowing under its revolving credit facility and utilizing cash on hand, aims to position Gray Television favorably by strengthening its financial standing and securing its future growth.
In conclusion, Gray Television’s recent appointment of Greg Connor as the General Manager for WRDW and WAGT in Augusta, Georgia, marks a significant leadership change within the company, as Connor succeeds the retiring Mike Oates. Gray Television’s decision to bring in a seasoned professional like Connor reflects its commitment to ensuring a seamless transition and maintaining its strong market presence. Furthermore, the company’s ongoing refinancing efforts, including the private offering of senior secured notes and the refinancing of existing debts, highlight its proactive approach towards strengthening its financial position and securing long-term growth.
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