Aug. 18 at 4:28 AM
$GTN Gray issued a conditional notice to redeem
$675 million of its outstanding 10.500% senior secured notes due 2029. The remaining balance of the
$750 million 2034 notes goes toward paying down revolving credit facility borrowings and covering transaction fees. Interest rate reduction: 3.000%. Gross Annual Cash Interest Savings:
$20.25 million pre-tax. Annual eps boost of .16c/share, but incurs a one-time cash outlay of roughly
$35.4 million in redemption costs, plus transaction fees to hit Q3 2026. This was a good move, might get hit next quarter but very good long term.