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Note 4 - Long-term Debt | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Debt Disclosure [Text Block] | 4. Long-term Debt As of September 30, 2020 and December 31, 2019, long-term debt consisted of obligations under our senior credit facility (the “2019 Senior Credit Facility”), our 5.125% Senior Notes due 2024 (the “2024 Notes”), 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):
|  | September 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Long-term debt including current portion: |  |  |  |  |  |  |  |
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 |  |  | 3,760 |  |  |  | 3,760 |
Unamortized deferred loan costs - 2019 Term Loan |  |  | (37 | ) |  |  | (44 | )
Unamortized deferred loan costs - 2024 Notes |  |  | (4 | ) |  |  | (5 | )
Unamortized deferred loan costs - 2026 Notes |  |  | (6 | ) |  |  | (7 | )
Unamortized deferred loan costs - 2027 Notes |  |  | (10 | ) |  |  | (11 | )
Unamortized premium - 2026 Notes |  |  | 3 |  |  |  | 4 |
Long-term debt, less deferred financing costs |  |  | 3,706 |  |  |  | 3,697 |
Less current portion |  |  | - |  |  |  | - |
Net carrying value |  | $ | 3,706 |  |  | $ | 3,697 |
Borrowing availability under Revolving Credit Facility |  | $ | 200 |  |  | $ | 200 |
Borrowings under the 2019 Term Loan and the 2017 Term Loan bear interest, at our option, at either the London Interbank Offered Rate (“LIBOR”) or the Base Rate, in each case, plus an applicable margin. As of September 30, 2020, the interest rate on the balance outstanding under the 2019 Term Loan and the 2017 Term Loan were 2.7% and 2.4%, respectively. The 2019 Term Loan and the 2017 Term Loan mature on January 2, 2026 and February 7, 2024, respectively. As of September 30, 2020, the aggregate minimum principal maturities of our long term debt for the remainder of 2020 and the succeeding 5 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 September 30, 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 September 30, 2020 and December 31, 2019, we were in compliance with all required covenants under all our debt obligations. For all our interest bearing obligations, we made interest payments of approximately $127 million and $134 million during the nine-months ended September 30, 2020 and 2019, respectively. We did not capitalize any interest payments during the nine-months ended September 30, 2020 and 2019. On October 19, 2020, we issued $800 million in aggregate principal amount of 4.750% Senior Notes due 2030 (the "2030 Notes"), and used the net proceeds therefrom, after deducting transaction fees and estimated expenses, to redeem all of our outstanding 2024 Notes and to pay all fees and expenses in connection with the offering, including the redemption premium applicable to the 2024 Notes. We intend to use the remaining net proceeds for general corporate purposes, which could include the repayment of outstanding debt from time to time. For additional information on this transaction, see Note 14 "Subsequent Events."

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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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