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Note 3 - Long-term Debt | 3 Months Ended
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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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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