Gray Announces Closing Of Offering Of $1.3 Billion In Notes

Gray Television said today that it has completed its previously announced offering of $1.3 billion in aggregate principal amount of 5.375% senior notes due 2031 by Gray Escrow II, Inc., a special purpose wholly owned subsidiary of Gray.

The notes were issued at 100% of par. At closing, the proceeds of the notes were funded into an escrow account. The notes were sold to finance, together with cash on hand and anticipated borrowings under Gray’s senior credit facility, Gray’s pending merger with Meredith Corp., pursuant to which Gray will acquire Meredith’s local media group, immediately after and subject to Meredith’s spin-off of its national media group to the Meredith shareholders, which is expected to close prior to Gray’s 2021 fiscal year end.

Interest on the Notes accrues from Nov. 9 and is payable semiannually, on May 15 and Nov. 15 of each year, commencing May 15, 2022. The notes mature on Nov. 15, 2031.