Gray Television announced that on December 9th it completed the repurchase of an additional 68.73 shares of its Series D perpetual preferred stock in a series of private transactions. It’s the third time since August that Gray has bought back preferred shares.
These 68.73 shares were repurchased at their liquidation value of $100,000 per share, plus accrued dividends of $3.6 million. The total transaction cost of $10.4 million was funded from a combination of cash balances on hand and borrowings under Gray’s revolving credit facility.
After the most recent buyback, Gray says 259.22 shares of its Series D perpetual preferred stock remain outstanding.
For the three transactions since August 2011 Gray has spent $20 million buying back preferred shares.