Gray prefers to buy back preferred shares


Gray Television announced that it had completed the buyback of some of its preferred stock in a private transaction. The seller was not identified.

On August 11 Gray completed the repurchase of 32.56 shares of its Series D perpetual preferred stock at their liquidation value of $100,000 per share, plus accrued dividends of $1.5 million. The total cost of the transaction of $4.8 million was funded from cash balances on hand, the company said.

Following the buyback, Gray said it still had 360.5 shares of the Series D perpetual preferred stock remain outstanding. The preferred issue currently pays 15% annual interest.