Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) announced today that it has closed a refinancing and upsizing of its revolving credit facility and has postponed its planned opportunistic refinancing of its $1.19 billion term loan due in 2026, due to recent market conditions. In addition, Gray announced today that, on February 8, 2024, Gray received approximately $110 million in pre-tax cash proceeds from the closing of the previously announced sale of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC.  

On January 30, 2024, Gray launched a process, subject to market and other conditions, to refinance a portion of its existing senior credit facilities. Subsequent developments in the capital markets led Gray to postpone the process through which it intended to amend certain terms and extend the maturity of its $1.19 billion term loan.

Despite such developments, Gray’s banking group continued to support the company in amending and extending its $500 million revolving credit facility. In fact, due to strong demand, Gray upsized its revolving credit facilities to $625 million, which includes a new $552.5 million revolving credit facility maturing on December 31, 2027 and $72.5 million facility maturing on December 1, 2026.

Gray paid transaction fees and expenses in cash at closing. We currently have no amounts drawn on our revolving credit facilities.