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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (75696)	5/24/2024 8:43:03 AM
From: Sean Collett	1 Recommendation Recommended By E_K_S Read Replies (1) \| Respond to of 78774

RE: GTN I saw this and man oh man that 10.5% jumped out. Sign of things to come I guess for others needing to refinance during these trying times. Gray paid out $440MM in interest expense last year and this isn't a pretty outcome. I suppose it is nice to see them take out the $700MM for those 2026 notes. The offering being for 2029 also doesn't really spread their debt out much as they will have some $4B in debt due from 2027-2030 now and then another $1.3B due in 2031 - lotta refinancing to come. I hold them still for the political boost we should see this year. Just need to remind ourselves this is not a buy and hold but a cigar butt. -Sean

To: E_K_S who wrote (75696)

5/24/2024 1:27:24 PM

From: S. maltophilia

Respond to of 78774

That, and

15.

Subsequent Events

Amendment of Revolving Credit Facility. On February 16, 2024, Gray entered into a second amendment (the “Second Amendment”) to its Senior Credit Facility. The Second Amendment, among other things, (i) increases the aggregate commitments under the Gray’s existing $500 million Revolving Credit Facility by $125 million, resulting in aggregate commitments under the Revolving Credit Facility of $625 million and (ii) extends the maturity date of a $552.5 million tranche of the Revolving Credit Facility to December 31, 2027 (subject to a springing maturity in certain circumstances set forth in the Second Amendment), with a remaining non-extending tranche of the Revolving Credit Facility of $72.5 million maturing on December 1, 2026 (subject to a springing maturity in certain circumstances set forth in the Second Amendment). Except as modified by the Amendment, the existing terms of the Senior Credit Facility remain in effect.

It must take them several years to train a treasurer to keep up with all the loans.

As far as that election year revenue bump, we'll see a lot of PAC money paying rack rates, but the market already knows it.