Note 4 - Long-term Debt

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

4.       Long-term Debt

As of March 31, 2021 and December 31, 2020, long-term debt consisted of obligations under our 2019 Senior Credit Facility (as defined below), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”) and our 4.75% senior notes due 2030 (the “2030 Notes”). as follows (in millions):

	March 31,			December 31,
	2021			2020
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2026 Notes		700			700
2027 Notes		750			750
2030 Notes		800			800
Total outstanding principal, including current portion		4,035			4,035
Unamortized deferred loan costs - 2019 Senior Credit Facility		(33	)		(34	)
Unamortized deferred loan costs - 2026 Notes		(6	)		(6	)
Unamortized deferred loan costs - 2027 Notes		(10	)		(10	)
Unamortized deferred loan costs - 2030 Notes		(13	)		(14	)
Unamortized premium - 2026 Notes		3			3
Long-term debt, less current portion and deferred financing costs	$	3,976		$	3,974
Borrowing availability under 2019 Revolving Credit Facility	$	299		$	200

On February 19, 2021, we entered into the first amendment (the “Amendment”) to our Fourth Amended and Restated Credit Agreement (the “2019 Senior Credit Facility”). The Amendment, among other things, (i) increases availability under the Revolving Credit Facility from an aggregate principal amount of $200 million to an aggregate principal amount of  $300 million, (ii) extends the maturity date of borrowings under the Revolving Credit Facility to January 2, 2026 and (iii) modifies certain terms of the Revolving Credit Facility relating to the implementation of a LIBOR replacement rate. As of March 31, 2021, the 2019 Senior Credit Facility provided total commitments of approximately $2.1 billion, consisting of a $595 million term loan facility (the “2017 Term Loan”), a $1.2 billion term loan facility (the “2019 Term Loan”) and a $299 million revolving credit facility.

As of March 31, 2021, the interest rate on the balance outstanding under the 2019 Term Loan was 2.6%. The 2019 Term Loan matures on January 2, 2026. As of March 31, 2021, the interest rate on the balance outstanding under the 2017 Term Loan was 2.4%. The 2017 Term Loan matures on February 7, 2024. We expect to enter into a further amendment of our 2019 Senior Credit Facility that will modify its terms relating to the implementation of a LIBOR replacement rate that will apply to our current and future term loans.

As of March 31, 2021, the aggregate minimum principal maturities of our long term debt for the remainder of 2021 and the succeeding five years were as follows (in millions):

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2026 Notes		2027 Notes		2030 Notes		Total
Remainder of 2021	$	-	$	-	$	-	$	-	$	-
2022		-		-		-		-		-
2023		-		-		-		-		-
2024		595		-		-		-		595
2025		-		-		-		-		-
2026		1,190		700		-		-		1,890
Thereafter		-		-		750		800		1,550
Total	$	1,785	$	700	$	750	$	800	$	4,035

As of March 31, 2021, 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 2026 Notes, the 2027 Notes and the 2030 Notes include covenants with which we must comply. As of March 31, 2021 and December 31, 2020, 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 $32 million and $39 million during the three-months ended March 31, 2021 and 2020, respectively. We did not capitalize any interest payments during the three-months ended March 31, 2021 or 2020.