Gray Announces Common Stock Offering
Gray Television Inc. announced today that it has commenced an underwritten public offering, subject to market and other conditions, of 12 million shares of its common stock. In addition, Gray expects to grant the underwriters an option for 30 days to purchase up to an additional 1.8 million shares of common stock.
The company said: “We expect to place the net proceeds from this offering, including any net proceeds from the underwriters’ exercise of the option to purchase additional shares, in our corporate treasury for general corporate purposes, and such proceeds may be used from time to time for, among other things, repayment of outstanding debt, capital expenditures, the financing of possible future business expansions and acquisitions, increasing our working capital and the financing of ongoing operating expenses and overhead.”
Wells Fargo Securities is serving as the book-running manager for the offering.