Welcome to our dedicated page for Gray Television news (Ticker: GTN-A), a resource for investors and traders seeking the latest updates and insights on Gray Television stock.
Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the nation’s largest owner of top-rated local television stations and digital assets. Its television stations serve 114 television markets that collectively reach approximately 36 percent of US television households. Gray also owns video program companies like Raycom Sports, Tupelo Media Group, and PowerNation Studios. They have recently expanded their sports broadcasting to include American Association of Professional Baseball games, enhancing their local sports network offerings.
Furthermore, Gray Television has announced an agreement to increase its revolving credit facility, reflecting strong support from banking partners. The company's commitment to growth and financial stability positions them as a key player in the multimedia industry.
Gray Television announced a cash tender offer to purchase its 5.875% Senior Notes due 2026. The offer seeks to buy back up to $700 million in notes. Those who tender their notes by June 3, 2024, are eligible for $1,000 per $1,000 in principal, including a $30 early tender premium. After June 3, but before June 17, tendered notes will receive $970 per $1,000 principal. Interest will be paid up to the settlement dates, expected on June 4 and June 18. The offer's completion hinges on Gray securing sufficient funds.
Gray Television (NYSE: GTN) revealed its intention to offer up to $1 billion in senior secured first lien notes due 2029, contingent on market conditions. This offering will bypass the registration requirements of the Securities Act of 1933. Concurrently, Gray plans to secure a $750 million tranche F term loan maturing in 2029, increase its existing $625 million revolving credit facility by $55 million to $680 million, and terminate commitments under a $72.5 million revolving credit facility maturing in 2026.
The success of this offering is tied to the Credit Agreement Refinancing. Proceeds from the notes, together with new term loans, availability under the revolving credit facility, and cash on hand, will be used to refinance Gray’s $1.2 billion tranche E term loan due 2026, repurchase outstanding 5.875% senior notes due 2026, and cover related fees and expenses. The notes will be guaranteed by Gray's existing and future restricted subsidiaries but will only be available to qualified institutional buyers and non-U.S. entities.
Gray Television (NYSE: GTN) has initiated a $1.6 billion refinancing process. The company aims to refinance its $1.15 billion term loan due 2026 and up to $450 million of 5.875% senior notes due 2026. The plan involves $750 million in new senior secured term loans and $750 million in additional senior secured debt, with the remainder funded by $100 million from its revolving credit facility due 2027 and existing cash.
Gray also secured commitments to raise its revolving credit facility from $552.5 million to $680 million, maturing on December 31, 2027. The company will terminate a separate $72.5 million facility maturing on December 1, 2026. The refinancing aims to extend debt maturities and improve liquidity. The terms will be disclosed upon completion. The refinancings depend on market conditions and customary closing obligations, with no guarantees on timing, terms, or interest rates.
Gray Television Inc. partners with American Association of Professional Baseball (AAPB) to bring summer baseball to viewers free over-the-air. The agreement includes airing select AAPB games on local TV stations in Midwestern markets and Gray's sports networks. The AAPB All Star Game will be broadcast over-the-air in multiple markets on July 23, 2024. Gray's commitment to live sports is highlighted, providing viewers with more access to live events.
Gray Television, Inc. (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for its common stock and Class A common stock, payable on June 28, 2024. The dividend is authorized by the company's Board of Directors and will be distributed to shareholders of record as of June 14, 2024.
Gray Television, Inc. reported strong financial results for Q1 2024 with total revenue of $823 million and core advertising revenue up by 4% to $372 million. The company anticipates a strong political advertising revenue later in the year, with an extension of its revolving credit facility. Additionally, Gray's Board authorized a $250 million debt repurchase program.
Gray Television, Inc. (NYSE: GTN) is rolling out advanced features with NEXTGEN TV, offering superior picture quality and immersive sound to viewers in Louisville and Las Vegas. Gray's NBC affiliate WAVE(TV) in Louisville is the first major network affiliate to broadcast in HDR with Dolby Vision and Dolby Atmos, while Gray's FOX affiliate KVVU(TV) in Las Vegas is the first to launch as a NEXTGEN Virtual Broadband IP Channel. Gray aims to bring innovative features to more of its stations in the upcoming months, including interactive services like Local News Live. The company is focused on enhancing viewer experiences and delivering on the promises of NEXTGEN TV.
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