- Gray Television (NYSE:GTN -0.8%) has wrapped refinancing of its senior credit facility, a move it says will cut cash interest expense by $3.8M/year.
- The revamp involves refinancing its revolving credit facility and a term loan B. The restated revolver provides for $100M in aggregate borrowing commitments, maturing in February 2022.
- The new term loan B has principal balance of $556.4M, maturing in February 2024. Annual interest rate is Libor plus 2.5%; it declines to Libor plus 2.25% when total leverage ratio drops to 5.25 or less.
- The refinancing doesn't increase total outstanding indebtedness, Gray says.