Gray TV updates Q4 guidance, proposes refinancing of $1.19B term loan, expects $110M from BMI sale

GRAY MEDIA, INC

Broadcasting revenue guidance $830-835M; total revenue $860-865M; broadcasting expenses $600-605M; corporate/admin $30-35M.
Proposes refinancing: extend $1.19B term loan maturity to July 2029 and $500M revolver to Dec 2027.
Expects ~$110M pre-tax proceeds from BMI sale, closing by end of Q1 2024, to be used for debt repayment or general purposes.
Anticipates total leverage ratio 5.60-5.65x as of Dec 31, 2023, with $21M cash and $6.21B total debt.
Records a $21M pre-tax non-cash impairment on certain pre-2023 investments.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

GRAY MEDIA, INC updated its the fourth quarter of 2023 guidance (reaffirmed).

Period: the fourth quarter of 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Gray also announced updates to certain of its previously announced guidance for the fourth quarter of 2023, based on preliminary information available to date.

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Source: SEC EDGAR

accession 0001437749-24-002515

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