Gray Television, Inc. Reduces Interest Rate On $375 Million Term Loan
June 01 2004 - 7:30AM
PR Newswire (US)
Gray Television, Inc. Reduces Interest Rate On $375 Million Term
Loan ATLANTA, June 1 /PRNewswire-FirstCall/ -- Gray Television,
Inc. (NYSE: GTN; GTN.A) announced today that it has amended its
existing senior credit facility to reduce the interest rate by 0.5%
on its currently outstanding $375 million term loan. This amendment
should result in annual interest savings of approximately $1.9
million. The amendment also extends the final term loan maturity
date six months to June 30, 2011. Certain loan covenants and other
terms of the senior credit facility were also modified by the
amendment to provide Gray with more favorable terms. The amended
interest pricing on the term loan is presented below with certain
terms as defined in the loan agreement. Gray's interest rate is
based on the lender's base rate (generally reflecting the lenders
prime rate) plus the specified margin or the London Interbank
Offered Rate ("LIBOR") plus the specified margin. Applicable Margin
for Applicable Margin for Base Rate Advances LIBOR Advances 1.0%
1.75 % Gray has elected to borrow these funds under its LIBOR
option. The interest rate under this option is LIBOR plus the
margin of 1.75%. Wachovia Capital Markets, LLC served as sole lead
arranger and sole book runner in connection with this amendment to
Gray's senior credit facility. Gray Television, Inc. is a
communications company headquartered in Atlanta, Georgia, and
currently owns 29 television stations serving 25 television
markets. The stations include 15 CBS affiliates, seven NBC
affiliates and seven ABC affiliates. Gray Television, Inc. has 22
stations ranked #1 in local news audience and 22 stations ranked #1
in overall audience within their respective markets based on the
average results of the 2003 Nielsen ratings reports. The TV station
group reaches approximately 5.3% of total U.S. TV households. The
Company also owns five daily newspapers, four in Georgia and one in
Indiana. 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.graytvinc.com/
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