GRAY TELEVISION, INC. (NYSE:GTN) Files An 8-K Other EventsItem 8.01. Other Events.
On April 3, 2017, Gray Television, Inc. (the “Company”) entered into the First Amendment and Incremental Facility Agreement (the “Amendment and Incremental Facility”) to the Company’s Third Amended and Restated Credit Agreement, dated as of February 7, 2017 (the “2017 Senior Credit Facility”), with Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto. to the Amendment and Incremental Facility, the Company was provided an incremental term loan in an aggregate principal amount of $85.0 million (the “Incremental Term Loan”).
The Company used proceeds from borrowings under the Incremental Term Loan to prepay substantially all of the purchase price for the previously announced acquisition of WABI-TV (CBS/CW) in the Bangor, Maine television market (DMA 156) and WCJB-TV (ABC/CW) in the Gainesville, Florida television market (DMA 161) from Diversified Communications, Inc. (“Diversified Acquisition”) in connection with the Company’s commencement of operations of those stations under a pre-closing local marketing agreement with the stations’ owner. Any remaining proceeds will be used to pay the remainder of the purchase price for the Diversified Acquisition and for general corporate purposes. Pending regulatory approval, the Company expects the Diversified Acquisition will close in the second quarter of 2017.
The Incremental Term Loan constitutes an additional term loan, and has the same terms as the Company’s existing term loan under the 2017 Senior Credit Facility, including the same applicable interest rate and February 7, 2024 maturity date.
About GRAY TELEVISION, INC. (NYSE:GTN)
Gray Television, Inc. is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX). Along with primary broadcast channels, the Company can also broadcast secondary digital channels within a market. Its secondary digital channels are generally affiliated with networks different from those affiliated with its primary broadcast channels. It also broadcasts local news/weather channels in certain of its existing markets. Its television stations include WVLT and WBXX in Knoxville, Tennessee; WOWT in Omaha, Nebraska, and WDBJ in Roanoke-Lynchburg, Virginia. GRAY TELEVISION, INC. (NYSE:GTN) Recent Trading Information
GRAY TELEVISION, INC. (NYSE:GTN) closed its last trading session down -0.08 at 14.40 with 454,281 shares trading hands.