Gray Television withdraws $1.19 billion term loan F from market

By Sara Rosenberg

New York, Feb. 9 – Gray Television Inc. pulled from market its $1.19 billion covenant-lite first-lien term loan F due July 1, 2029 (Ba3/BB/BB+), according to a market source.

Talk on the term loan was SOFR plus 375 basis points to 400 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Wells Fargo Securities LLC was acting as the left lead arranger on the deal.

Proceeds were going to be used with a modest revolving credit facility draw to fully refinance the company’s existing term loan E due Jan. 2, 2026.

The decision to pull the new term loan F was a result of some instability in the broadcasting sector following recent news that ESPN, a subsidiary of the Walt Disney Co., FOX and Warner Bros. Discovery have reached an understanding on principal terms to form a new joint venture to build a platform for streaming sports service, the source added.

The platform brings together the companies’ portfolios of sports networks, certain direct-to-consumer sports services and sports rights – including content from all the major professional sports leagues and college sports.

The formation of the pay service is subject to the negotiation of definitive agreements among the parties.

Gray Television is an Atlanta-based broadcast company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.