FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Gray Completes Hoak Acquisition, Refinances Senior Credit Facility

June 16, 2014, 07:18 AM
Filed Under: Media

Gray Television, Inc. announced that it completed a series of transactions (the "Hoak Acquisition") that resulted in Gray acquiring 12 television stations and programming of three additional television stations from Hoak Media, LLC ("Hoak") and Parker Broadcasting, Inc. ("Parker").  In addition, Gray completed the refinancing of its senior credit facility, which now consists of a seven-year $525 million term loan facility and a five-year $50 million revolving credit facility.  The proceeds from the term loan were used primarily to complete the Hoak Acquisition for approximately $306 million including working capital adjustments and to refinance $159 million outstanding under our previously existing term loan, pay transaction fees and expenses, and for other general corporate purposes.  We did not draw any amounts under the refinanced revolving credit facility.

Gray is a television broadcast company headquartered in Atlanta, Georgia, that owns and/or operates television stations and leading digital assets in markets throughout the United States.  Upon completion of all pending transactions, the company will own and/or operate television stations in 42 television markets broadcasting 139 program streams including 75 affiliates of the Big Four networks (ABC, CBS, NBC and FOX). 

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.