ATLANTA, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE:GTN) announced today that it is proposing, subject to market and other conditions, to refinance certain of its existing senior credit facilities (the "Senior Credit Facilities"). Gray also announced updates to certain of its previously announced guidance for the fourth quarter of 2023, based on preliminary information available to date.
Refinancing. Today, Gray commenced a process through which it expects to amend certain terms of its $1.19 billion term loan and $500 million revolving credit facility due 2026, including extending the maturity of its $1.19 billion term loan from January 2026 to July 2029 and its $500 million revolving credit facility from January 2026 to December 2027. We cannot provide any assurance about the timing, terms, or interest rate associated with the planned financing, or that the financing transactions will be completed.
Updated Guidance. Gray initially issued guidance for fourth quarter 2023 on November 8, 2023. While Gray is continuing the process of finalizing its financial results for the fourth quarter of 2023, Gray provides the following updates to its guidance on its estimated results of operations representing the most current information and estimates available to Gray as of the date of this release.
Selected operating data: | Low End Guidance for the Fourth Quarter of 2023 | % Change From Previous Guidance for the Fourth Quarter of 2023 | High End Guidance for the Fourth Quarter of 2023 | % Change From Previous Guidance for the Fourth Quarter of 2023 | |||||||
OPERATING REVENUE: | |||||||||||
Broadcasting Revenue (less agency commissions) | $ | 830 |