ATLANTA, Oct. 03, 2022 (GLOBE NEWSWIRE) — In mild of continued robust money movement, for the second quarter in a row, Gray Television, Inc. (“Gray” or the “Company”) (NYSE: GTN) returned a major quantity of capital to its shareholders in the course of the quarter ending September 30, 2022 by way of money dividends and reimbursement of debt.
These funds had been comprised of a voluntary principal cost of $100 million beneath Gray’s 2017 Term Loan B (due 2024), in addition to a required principal cost of $3.75 million beneath the 2021 Term Loan D (due 2028), each of which had been made on September 30, 2022, and $20 million of money dividends to our most popular and customary shareholders, which had been made earlier within the quarter.
Gray continues to anticipate that continued robust money movement will allow the Company to fund extra de-leveraging and money dividend funds all through the rest of this yr.
The Company’s monetary outcomes for the third quarter haven’t but been accomplished, and that course of is ongoing. The Company expects to report its monetary outcomes for the quarter in roughly 4 weeks.
Forward-Looking Statements:
This press launch accommodates sure ahead wanting statements which can be based mostly largely on Gray’s present expectations and replicate numerous estimates and assumptions by Gray. These statements are statements apart from these of historic reality and could also be recognized by phrases corresponding to “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and related expressions. Forward-looking statements are topic to sure dangers, developments and uncertainties that might trigger precise outcomes and achievements to vary materially from these expressed in such ahead wanting statements. Such dangers, developments and uncertainties, which in some situations are past Gray’s management, embody Gray’s lack of ability to supply anticipated de-leveraging and future cost of dividends, and different future occasions. Gray is topic to extra dangers and uncertainties described in Gray’s quarterly and annual reviews filed with the Securities and Exchange Commission sometimes, together with within the “Risk Factors,” and administration’s dialogue and evaluation of monetary situation and outcomes of operations sections contained therein, which reviews are made publicly accessible by way of its web site, www.grey.television. Any forward-looking statements on this communication ought to be evaluated in mild of these necessary threat components. This press launch displays administration’s views as of the date hereof. Except to the extent required by relevant legislation, Gray undertakes no obligation to replace or revise any data contained on this communication past the date hereof, whether or not in consequence of new data, future occasions or in any other case.
About Gray:
Gray Television, Inc. is a multimedia firm headquartered in Atlanta, Georgia. Gray is the nation’s largest proprietor of top-rated native tv stations and digital belongings within the United States. Its tv stations serve 113 tv markets that collectively attain roughly 36 % of US tv households. This portfolio contains 80 markets with the top-rated tv station and 100 markets with the primary and/or second highest rated tv station. It additionally owns video program corporations Raycom Sports, Tupelo Media Group, and PowerNation Studios, in addition to the studio manufacturing services Assembly Atlanta and Third Rail Studios. For extra data, please go to www.grey.television.
Gray Contact:
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
# # #
