ATLANTA, June 04, 2024 (GLOBE NEWSWIRE) — Grey Tv (NYSE:), Inc. (Grey or the Firm) (NYSE: GTN) introduced as we speak that it has closed a refinancing of its $1.15 billion time period mortgage due in 2026 and upsizing of its revolving credit score facility.
The refinancing, amongst different issues, offers a brand new $500 million tranche F time period mortgage with a maturity date of June 4, 2029, elevated mixture commitments beneath the Firm’s current $552.5 million tranche of the revolving credit score facility that matures on December 31, 2027 by $127.5 million, leading to mixture commitments beneath the revolving credit score facility of $680 million, and a termination of the separate commitments beneath a $72.5 million tranche of the revolving credit score facility that matures on December 1, 2026.
With the completion of those refinancing efforts, Grey’s subsequent debt maturity is predicted to happen following the 2024 and 2026 political cycles, when its 7.00% Senior Notes mature in Could 2027. As well as, together with the February 2024 upsizing and extension of its revolver, Grey has now elevated its whole capability beneath, and prolonged, its revolver from $500 million with various maturity dates in 2026, to $680 million with a maturity date of December 31, 2027.
About Grey:
Grey Tv, Inc. is a multimedia firm headquartered in Atlanta, Georgia. Grey is the nation’s largest proprietor of top-rated native tv stations and digital belongings. Its tv stations serve 114 tv markets that collectively attain roughly 36 % of US tv households. This portfolio contains 79 markets with the top-rated tv station and 102 markets with the primary and/or second highest rated tv station. Grey additionally owns video program corporations Raycom Sports activities, Tupelo Media Group, and PowerNation Studios, in addition to the studio manufacturing services Meeting Atlanta and Third Rail Studios. Grey owns a majority curiosity in Swirl Movies. For extra info, please go to www.grey.television.
Grey Contacts:
Jim Ryan, Govt Vice President and Chief Monetary Officer, 404-504-9828Jeff Gignac, Govt Vice President, Finance, 404-504-9828Kevin P. Latek, Govt Vice President, Chief Authorized and Improvement Officer, 404-266-8333
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Supply: Grey Tv, Inc.