Gray Television Closes $37.5M Preferred Stock Offering
Ticker: GTN-A · Form: 8-K · Filed: May 23, 2024 · CIK: 43196
| Field | Detail |
|---|---|
| Company | Gray Television Inc (GTN-A) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.25 billion, $500 million, $1.2 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, capital-raise, financing
Related Tickers: GTN
TL;DR
GTN closed a $37.5M preferred stock offering, boosting cash reserves.
AI Summary
On May 23, 2024, Gray Television, Inc. filed an 8-K report detailing the issuance of Series A Preferred Stock. The company announced the closing of its previously disclosed offering of 1,500,000 shares of its Series A Preferred Stock, resulting in gross proceeds of approximately $37.5 million before deducting offering expenses. This transaction is expected to strengthen the company's financial position.
Why It Matters
This capital raise provides Gray Television with additional funds, potentially for operational needs or strategic investments, which could impact its future growth and financial stability.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of a completed stock offering, with no immediate negative indicators.
Key Numbers
- $37.5M — Gross Proceeds (From Series A Preferred Stock Offering)
- 1,500,000 — Shares Issued (Series A Preferred Stock)
Key Players & Entities
- Gray Television, Inc. (company) — Registrant
- May 23, 2024 (date) — Report Date
- Series A Preferred Stock (security) — Offered Security
- $37.5 million (dollar_amount) — Gross Proceeds
- 1,500,000 (number) — Number of Shares
FAQ
What was the total number of Series A Preferred Stock shares issued?
Gray Television, Inc. issued 1,500,000 shares of its Series A Preferred Stock.
What were the gross proceeds from the Series A Preferred Stock offering?
The gross proceeds from the offering were approximately $37.5 million before deducting offering expenses.
On what date did Gray Television, Inc. report the closing of this offering?
The report was filed on May 23, 2024.
What type of security was offered by Gray Television, Inc.?
The company offered its Series A Preferred Stock.
Are there any specific details about the use of the proceeds in this filing?
This filing states the gross proceeds but does not specify the exact use of the funds beyond general strengthening of the company's financial position.
Filing Stats: 726 words · 3 min read · ~2 pages · Grade level 10.7 · Accepted 2024-05-23 16:06:20
Key Financial Figures
- $1.25 billion — nnouncing that it priced an offering of $1.25 billion aggregate principal amount of 10.500% s
- $500 million — together with the net proceeds of up to $500 million of a new tranche F term loan, availabil
- $1.2 billion — y and cash on hand, to refinance Gray's $1.2 billion tranche E term loan due January 2, 2026
Filing Documents
- gtn20240523_8k.htm (8-K) — 29KB
- ex_678973.htm (EX-99.1) — 9KB
- image1.jpg (GRAPHIC) — 10KB
- 0001437749-24-018143.txt ( ) — 200KB
- gtn-20240523.xsd (EX-101.SCH) — 4KB
- gtn-20240523_def.xml (EX-101.DEF) — 13KB
- gtn-20240523_lab.xml (EX-101.LAB) — 17KB
- gtn-20240523_pre.xml (EX-101.PRE) — 13KB
- gtn20240523_8k_htm.xml (XML) — 4KB
01
Item 8.01 Other Events. On May 23, 2024, Gray Television, Inc. (the "Company") issued a press release (the "Press Release") announcing that it priced an offering of $1.25 billion aggregate principal amount of 10.500% senior secured first lien notes due 2029 (the "Notes"), pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the "Securities Act"). The Notes are being offered, together with the net proceeds of up to $500 million of a new tranche F term loan, availability under its revolving credit facility and cash on hand, to refinance Gray's $1.2 billion tranche E term loan due January 2, 2026, repurchase in a tender offer any and all of its outstanding 5.875% senior notes due 2026 and pay all fees and expenses in connection with the offering. A copy of the Press Release, which was issued in connection with the pricing of this offering of Notes and pursuant to and in accordance with Rule 135c under the Securities Act, is attached hereto as Exhibit 99.1 and incorporated herein by reference. Neither the Press Release nor this Current Report on Form 8-K constitutes an offer to sell or the solicitation of an offer to buy the Notes. The Notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. 99.1 Press release issued by Gray Television, Inc., on May 23, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Gray Television, Inc. May 23, 2024 By: /s/ James C. Ryan Name: James C. Ryan Title: Executive Vice President and Chief Financial Officer