secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2024-01-30T23:59:59+00:00
Accession:  0001437749-24-002515
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774924002515/0001437749-24-002515-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774924002515/gtn20240129_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-002515

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