Note 3 - Long-term Debt

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

3. Long-term Debt

As of March 31, 2020 and December 31, 2019, long-term debt consisted of obligations under our “2019 Senior Credit Facility,” our 5.125% senior notes due 2024 (the “2024 Notes”) and our 5.875% senior notes due 2026 (the “2026 Notes”) and our 7.0% senior notes due 2027 (the “2027 Notes”) as follows, in millions:

	March 31,			December 31,
	2020			2019
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2024 Notes		525			525
2026 Notes		700			700
2027 Notes		750			750
Total outstanding principal, including current portion		3,760			3,760
Unamortized deferred loan costs - 2019 Senior Credit Facility		(41	)		(44	)
Unamortized deferred loan costs - 2024 Notes		(5	)		(5	)
Unamortized deferred loan costs - 2026 Notes		(7	)		(7	)
Unamortized deferred loan costs - 2027 Notes		(11	)		(11	)
Unamortized premium - 2026 Notes		4			4
Long-term debt, less deferred financing costs		3,700			3,697
Less current portion		-			-
Long-term debt, less current portion and deferred financing costs	$	3,700		$	3,697
Borrowing availability under 2019 Revolving Credit Facility	$	200		$	200

As of March 31, 2020, the interest rate on the balance outstanding under the 2019 Term Loan was 4.0%. The 2019 Term Loan matures on January 2, 2026. As of March 31, 2020, the interest rate on the balance outstanding under the 2017 Term Loan was 3.8%. The 2017 Term Loan matures on February 7, 2024.

As of March 31, 2020, the aggregate minimum principal maturities of our long term debt for the remainder of 2020 and the succeeding five years were as follows (in millions):

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2024 Notes		2026 Notes		2027 Notes		Total
Remainder of 2020	$	-	$	-	$	-	$	-	$	-
2021		-		-		-		-		-
2022		-		-		-		-		-
2023		-		-		-		-		-
2024		595		525		-		-		1,120
2025		-		-		-		-		-
Thereafter		1,190		-		700		750		2,640
Total	$	1,785	$	525	$	700	$	750	$	3,760

As of March 31, 2020, there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries. The 2019 Senior Credit Facility contains affirmative and restrictive covenants with which we must comply. The 2024 Notes, the 2026 Notes and the 2027 Notes include covenants with which we must comply. As of March 31, 2020 and December 31, 2019, we were in compliance with all required covenants under all our debt obligations.

For all of our interest bearing obligations, we made interest payments of approximately $39 million and $41 million during the three-months ended March 31, 2020 and 2019, respectively. We did not capitalize any interest payments during the three-months ended March 31, 2020 or 2019.