Gray Television, Inc. announced today that it has reduced its principal amount of debt outstanding by $278 million since October 1, 2024. This brings the company's total principal debt reduction to $519 million since January 1, 2024, demonstrating a strong commitment to improving its balance sheet. The company utilized approximately $204 million of cash on hand to repurchase and retire $239 million of principal debt.
The repurchased debt included $5 million of Term Loan D due December 1, 2028, $143 million of 2027 Notes, $10 million of 2030 Notes, and $81 million of 2031 Notes. This proactive debt management is expected to result in a significant reduction of cash interest expense for the company moving forward, enhancing financial flexibility.
In conjunction with these actions, Gray's Board of Directors authorized an increase in its debt repurchase program, replenishing the authorization to a total of $250 million. This authorization provides the company with continued flexibility to repurchase additional outstanding indebtedness in the open market, depending on market conditions and other strategic considerations.
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