Gray Television is proposing, subject to market and other conditions, to refinance and extend the maturity date of its revolving credit facility and term loan under its existing senior credit facility. Wells Fargo is administrative agent for the senior credit facility.
Gray proposes the following changes:
- Extension of its revolving credit facility to February 2022 from the current July 2020 maturity and an increase in aggregate commitments to $100 million from the current $60 million
- Extension of the existing $556.4 million term loan maturity to February 2024 from the current June 2021 maturity
On January 17, 2017, Gray completed the $270 million acquisition of WBAY in Green Bay, WI and KWQC in Davenport, IA that had been owned and operated by Media General, as part of that company’s acquisition by Nexstar Broadcasting Group. On January 13, Gray acquired KTVF (NBC), KXD (CBS) and KFXF (FOX) in the Fairbanks, AK television market from Tanana Valley Television and Chena Broadcasting for $8 million. Both of these acquisitions were funded with cash on hand.
Gray now owns and/or operates 100 television stations across 54 television markets that collectively broadcast more than 200 program streams, including 101 channels affiliated with the CBS, NBC, ABC and FOX networks.