Gray Sets Upsizing, Pricing Of $800 Million Of Senior Notes
Gray Television said Thursday (Oct. 8) that it has priced its private offering of $800 million aggregate principal amount of 4.750% senior notes due 2030, an increase of $250 million over its previously announced offering size. The notes were priced at par.
The offering of the notes is expected to close on Oct. 19, subject to customary closing conditions.
The notes will be senior unsecured obligations of Gray and the company said it intends to use the net proceeds of the offering to redeem all of its outstanding $525 million aggregate principal amount of 5.125% senior notes due 2024; to pay all fees and expenses in connection with the offering, including the redemption premium applicable to the existing 2024 notes; and for general corporate purposes, which could include the repayment of outstanding debt from time to time.