Gray Television plans new $1B facility |
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Published
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Mon, 12 Feb 2007 14:39
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ATLANTA (AP) - Television broadcast company Gray Television Inc. said Monday that it plans to enter into a new $1 billion senior credit facility.The company plans to use the proceeds to refinance its existing senior credit facility, refinance its existing 9.25 percent senior subordinated notes, call its series C preferred stock and for general corporate purposes.In its most recent quarterly report filed with the Securities and Exchange Commission, Gray said that as of Sept. 30, $602.9 million was outstanding under the senior credit facility. Also as of that date, the liquidation value of the series C preferred shares was $37.9 million, and $253.1 million of the 9.25 percent notes were outstanding.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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