ATLANTA, Nov. 29 /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN; GTN.A) announced today that it has amended its existing senior credit facility. The amendment increases the total amount available under the amended senior credit facility from $400 million to $600 million. The amended agreement has a maximum term of seven years and consists of a $100 million revolving facility, a $150 million term loan A facility and a $350 million term loan B facility. In addition, an incremental loan facility is also made available under the senior credit facility in the maximum amount of $400 million. Gray may use the proceeds from the credit facilities to finance the previously announced acquisition of WSAZ-TV, to refinance the indebtedness under the previous senior credit facility, working capital needs, investments, acquisitions and other general corporate purposes as permitted under the facility. Certain loan covenants and other terms of the senior credit facility were also modified by the amendment. Gray's interest rate is based on the lender's base rate (generally reflecting the lender's prime rate) plus the specified margin or a London Interbank Offered Rate ("LIBOR") plus a specified margin. The specified margin for revolving and term loan A advances is determined by Gray's debt leverage ratio as defined in the agreement. Margin Range for Margin Range for Base Rate Advances LIBOR Rate Advances Revolving and term A advances 0% to 0.25% 0.625% to 1.5% Term B advances 0% to 0.25% 1.25% to 1.5% Gray has elected to borrow these funds under its LIBOR option. The interest rate under this option is LIBOR plus the current margin of 1.25% for revolving and term loan A advances and a margin of 1.5% for term loan B advances. The amount outstanding under the senior credit facility as of November 29, 2005 is $380 million and is allocated as follows: revolving loan of $30 million and term loan B of $200 million. Gray intends to use the currently un-drawn $150 million term loan A commitment and additional borrowings under the revolving loan to fund the $186 million acquisition of WSAZ-TV. Wachovia Bank, National Association served as administrative agent and as a lender, Wachovia Capital Markets, LLC served as sole lead arranger and as sole book runner, Bank of America, NA served as syndication agent and as a lender, Deutsche Bank Trust Company Americas, Allied Irish Banks PLC, KeyBank National Association and Goldman Sachs Credit Partners L.P. served as documentation agents and as lenders. Gray Television, Inc. is a television broadcast company headquartered in Atlanta, Georgia. Including the pending acquisitions of WSAZ-TV and WNDU-TV, Gray operates 36 television stations serving 30 markets. Each of the stations are affiliated with either CBS, NBC, ABC or FOX. In addition Gray currently operates seven digital multi-cast television channels which are affiliated with either UPN or FOX. DATASOURCE: Gray Television, Inc. CONTACT: Bob Prather, President, +1-404-266-8333, or Jim Ryan, Chief Financial Officer, +1-404-504-9828, both of Gray Television, Inc. Web site: http://www.gray.tv/

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