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Gray Updates Guidance for 2006 Operating Results & Announces Debt Refinancing.
ATLANTA, Feb. 12 /PRNewswire-FirstCall/ -- Gray Television, Inc. ("Gray" or the "Company") today announced updated guidance for selected operating results for the three months ("fourth quarter") and full year ending December 31, 2006. This press release updates and supplements guidance previously issued on November 8, 2006. Gray currently anticipates that pro forma operating results for 2006 will approximate the amounts presented in the tables below. Gray currently plans to release its 2006 audited operating results during March 2007.
Gray also announced the intention to enter into a new $1.0 billion senior credit facility. Gray plans to use the proceeds from the new senior credit facility to refinance its existing senior credit facility, refinance its existing 9 1/4% senior subordinated notes, call its Series C preferred stock and general corporate purposes.
The following guidance is provided on a pro forma basis. The pro forma presentation includes the operating results of WSAZ, Charleston - Huntington, WV and WNDU, South Bend, IN as if each station had been acquired on January 1, 2005. The actual results include the operating results of these stations since their respective acquisition dates. WSAZ was acquired on November 30, 2005 and WNDU was acquired on March 3, 2006.
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Source: HighBeam Research, Gray Updates Guidance for 2006 Operating Results & Announces Debt...
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