Gray Television Enters Material Definitive Agreement

TL;DR

Gray TV signed a big deal, details to follow.

AI Summary

On June 18, 2024, Gray Television, Inc. entered into a Material Definitive Agreement. The filing does not specify the nature of the agreement or any associated dollar amounts, but it indicates that financial statements and exhibits are included.

Why It Matters

This filing indicates a significant new agreement for Gray Television, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its potential impact on the company.

Key Players & Entities

• Gray Television, Inc. (company) — Registrant
• June 18, 2024 (date) — Date of earliest event reported
• June 21, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $300 million — subsidiaries entered into a three-year $300 million revolving accounts receivable securitiz

Filing Documents

• gtn20240621_8k.htm (8-K) — 32KB
• ex_691508.htm (EX-10.1) — 85KB
• 0001437749-24-020992.txt ( ) — 276KB
• gtn-20240618.xsd (EX-101.SCH) — 4KB
• gtn-20240618_def.xml (EX-101.DEF) — 13KB
• gtn-20240618_lab.xml (EX-101.LAB) — 17KB
• gtn-20240618_pre.xml (EX-101.PRE) — 13KB
• gtn20240621_8k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.. As previously disclosed, on February 23, 2023, Gray Television, Inc. (the "Company") and certain of its subsidiaries entered into a three-year $300 million revolving accounts receivable securitization facility (the "AR Facility") with Wells Fargo Bank, N.A., as administrative agent ("Wells"). On June 18, 2024, the Company, Gray AR, LLC, a wholly-owned special purpose subsidiary of the Company (the "SPV"), certain purchasers party thereto and Wells entered into the First Amendment (the "Amendment") to the Receivables Purchase Agreement, dated as of February 23, 2023 (the "Receivables Purchase Agreement"), by and among the SPV, the Company, as servicer, Wells, as administrative agent, and certain purchasers from time to time party thereto (the "Purchasers"), pursuant to which, among other things, the Company amended certain ratios related to the receivables. Other than as amended by the Amendment, all other terms under the Receivables Purchase Agreement and other documents related to the AR Facility remain in full force and effect, without modification. The SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV's assets before the assets become available to the Company. Accordingly, the SPV's assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPV may be remitted to the Company. The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 First Amendment to the Receivables Purchase Agreement, dated as of June 18, 2024, by and among Gray AR, LLC, as seller, and Gray Television, Inc., in its individual capacity and as initial Master Servicer (as defined therein), Bank of America, N.A. as purchaser, Truist Bank, as purchaser, Regions Bank, as purchaser, and Wells Fargo Bank, N.A., as administrative agent. 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. June 21, 2024 By: /s/ James C. Ryan Name: James C. Ryan Title: Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR