Gray Media Inc. (NYSE:GTN) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
The company’s acquisitive strategy, backed by strategic financing arrangements, appears captivating
On July 1, Gray Media Inc. (NYSE:GTN) agreed to purchase six TV stations from American Spirit for $50 million. The companies executed the initial closing, with Gray paying out $40 million to American Spirit and initiating the stations’ limited local management arrangement. The initial payment was financed through proceeds from a $70 million private placement of the 7.25% Senior Secured First Lien Notes due in 2033.
Gray expects to complete the remaining portion of the purchase during the fourth quarter, with its cash balance. oliveromg/ Earlier on June 30, Gray Media Inc. (NYSE:GTN) completed a $70 million private offering of its 7.25% Senior Secured First Lien Notes, which are due in 2033. Gray issued the notes at par value plus accrued interest to accredited investors. A portion of the proceeds will finance the buyback of the company’s 50,000 Series A Perpetual Preferred shares, while the remaining proceeds will be utilized for the initial closing of the company’s American Spirit Media acquisitions, as highlighted above.