S&P: Gray Television Inc.'s $525 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '4')
The company expects to use the net proceeds to repay the $675 million 7.5% notes due 2020. As a result, we expect that leverage, based on average-eight-quarter EBITDA, will remain unchanged in the mid-5x area. However, we expect adjusted trailing-eight-quarter leverage to decline to the 5x area by the end of 2016 due to strong cash flow generation from the upcoming elections--in line with our highly leveraged financial risk profile assessment.
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