Moody's assigns Ba1 to Gray's new revolver and Ba2 to new Term Loan in refinancing transaction
New York, January 20, 2017-- Moody's Investors Service, assigned a Ba1 rating to Gray Television, Inc.' s proposed $100 million senior secured 1st lien priority revolving credit facility and a Ba2 to the company's proposed $556 1st lien term loan B. The proceeds from the offering will be used to replace the company's existing revolver and repay its existing term loan. Despite both facilities having a first lien on the company's assets, the revolving credit facility is rated one notch...
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