EXHIBIT 99.2
GRAY
Television, Inc.
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NEWS RELEASE JUNE 11, 2003
GRAY TELEVISION, INC.
AMENDS INTEREST RATE ON ITS EXISTING TERM LOAN
Gray Television, Inc. (NYSE: GTN and GTN.A) announced today that it
has amended its existing senior credit facility to reduce the interest rate on
its $375 million term loan. The amendment reduces Gray's current interest rate
by 0.5% or a current savings of approximately $1.8 million annually.
Gray's borrowing capacity, loan maturity dates, loan covenants and
other terms of the senior credit facility remain unchanged by the amendment.
The amended interest pricing on the term loan is presented below with
certain terms as defined in the loan agreement. Gray's interest rate is
dependent upon its leverage ratio and is determined at the option of Gray based
on the lender's base rate (generally reflecting the lenders prime rate) plus
the specified margin or the London Interbank Offered Rate ("LIBOR") plus the
specified margin.
Applicable Margin for Applicable Margin for
Total Leverage Ratio Base Rate Advances LIBOR Advances
-------------------- --------------------- ---------------------
Greater than or equal to 6.0:1.0 1.250% 2.500%
Less than 6.0:1.0 1.000% 2.250%
Gray's current interest rate on the term loan is LIBOR plus the margin
of 2.25% for a total rate of approximately 3.53%.
Gray Television, Inc. is a communications company headquartered in
Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations,
seven NBC-affiliated television stations, seven ABC-affiliated television
stations and four daily newspapers.
FOR INFORMATION CONTACT:
BOB PRATHER JIM RYAN
PRESIDENT CHIEF FINANCIAL OFFICER
(404) 266-8333 (404) 504-9828
4370 Peachtree Road, NE * Atlanta, GA 30319
(404) 504-9828 * Fax (404) 261-9607