Gray Television, Inc. Stock Price, News & Analysis

On June 24, 2024, Gray Television (NYSE: GTN) was honored by the Investigative Reporters and Editors (IRE) for outstanding investigative journalism. Three of Gray's stations received accolades at the IRE annual ceremony on June 22. WSMV in Nashville won Video Division III for exposing unlicensed civilians posing as police officers, leading to six state investigations. WLBT in Jackson won Video Division IV for uncovering time sheet fraud by local officials, prompting resignations and a state audit. WANF in Atlanta was a finalist in Video Division II for revealing controversial DEA practices, resulting in congressional action. Gray's dedication to impactful journalism is evident in these recognitions.

Gray Television announced the promotion of three key executives effective July 1, 2024. Mike Braun advances to Senior Managing Vice President, overseeing the company's digital media expansion and local market operations. Claire Magee Ferguson steps up as Vice President, Assistant General Counsel, and Senior Technology Counsel, focusing on legal and policy aspects of Generative AI and NextGenTV. Lee Zurik becomes Senior Vice President, News Strategy and Innovation, tasked with expanding Gray's content strategies across various platforms. These promotions aim to capitalize on digital technology opportunities and enhance Gray's media operations.

Gray Television (NYSE: GTN) announced the expiration and final results of its cash tender offer for its 5.875% Senior Notes due 2026. As of the expiration date on June 17, 2024, no additional notes were tendered after the early tender date of June 3, 2024.

Consequently, Gray will not purchase any more notes, leaving $9,968,000 principal amount of the notes outstanding. Truist Securities, BofA Securities, and Wells Fargo Securities were the Dealer Managers for the offer.

This announcement is strictly informational and does not constitute any solicitation to buy or sell securities.

Gray Television (NYSE: GTN) announced the completion of its refinancing efforts, including a $1.15 billion term loan due in 2026 and the upsizing of its revolving credit facility. The refinancing deal introduces a new $500 million tranche F term loan with a maturity date of June 4, 2029. Aggregate commitments under the existing $552.5 million tranche of the revolving credit facility, maturing December 31, 2027, have been increased by $127.5 million, resulting in total commitments of $680 million. The separate commitments under a $72.5 million tranche of the revolving credit facility maturing on December 1, 2026, have been terminated. Gray's next significant debt maturity is now set for May 2027. The company has also increased and extended its revolver capacity to $680 million, with a new maturity date of December 31, 2027.

Gray Television (GTN) announced early tender results for its cash tender offer for 5.875% Senior Notes due 2026. As of June 3, 2024, $690.032 million worth of notes were tendered, close to the $700 million outstanding. Holders who tendered early will receive $1,000 per $1,000 principal amount, including a $30 premium. The early settlement date is expected to be June 4, 2024. The tender offer will expire on June 17, 2024. Gray's obligation to purchase the notes is contingent on raising sufficient funds. The offer may be amended or terminated at Gray's discretion.

Gray Television (NYSE: GTN) has been honored with 78 Regional Edward R. Murrow Awards for excellence in journalism by the Radio Television Digital News Association (RTDNA). This recognition spans 35 of Gray's local stations, with WVUE in New Orleans leading with nine awards and Hawaii News Now in Honolulu receiving six. Notably, Gray stations secured seven awards for Overall Excellence, eight for Investigative Reporting, six for Digital/Online Coverage, five for News Documentary, four for Breaking News Coverage, three for Best Newscast, and three for Excellence in Innovation. These accolades highlight the high standards and impactful work of Gray's journalists, who will proceed to the national competition, with winners announced in the summer.

Gray Television (NYSE: GTN) has closed its $1.25 billion offering of 10.500% senior secured first lien notes due 2029. These notes, issued at par, will help pre-pay Gray's $1.2 billion term loan due January 2026, repurchase outstanding 5.875% senior notes due 2026, and cover associated fees and expenses. The notes are guaranteed by Gray's existing and future restricted subsidiaries. Interest on the notes begins accruing from June 3, 2024, and is payable semiannually starting January 15, 2025. The notes mature on July 15, 2029, and were offered only to qualified institutional buyers and persons outside the U.S.

Gray Television announced the appointment of Greg Connor as the new General Manager of WRDW (CBS) and WAGT (NBC) in Augusta, Georgia, effective June 3, 2024. He succeeds Mike Oates, who is retiring after a 33-year tenure. Connor brings over 20 years of media industry experience, having previously served as General Manager at WACH in Columbia, South Carolina, and held various leadership roles at stations across the Southeast. Gray Television, headquartered in Atlanta, operates numerous top-rated local TV stations and digital assets, reaching 36% of US households. For more info, visit www.gray.tv.

Gray Television announced the pricing of its private offering of $1.25 billion 10.500% senior secured first lien notes due 2029, an increase of $250 million from its initial announcement. The notes were priced at par and are expected to close on June 3, 2024, alongside the refinancing of its senior credit facility. The proceeds, combined with other financial sources, will refinance Gray's $1.2 billion tranche E term loan due 2026, repurchase 5.875% senior notes due 2026, and cover related expenses. The notes will be guaranteed by Gray's subsidiaries and offered to qualified institutional buyers and non-U.S. persons under specific regulations.