Gray TV Prices Public Offering of Common Stock

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Gray Television has priced its previously announced underwritten public offering of 15 million shares of its common stock, at a price to the public of $14.50 per share.


Gray has also granted the underwriters a 30-day option to purchase up to an additional 2.25 million shares of common stock.

The offering is expected to close on Monday, Dec. 4, subject to the satisfaction of customary closing conditions.

Gross proceeds from the offering are expected to be approximately $217.5 million before deducting underwriting discounts and commissions and estimated offering expenses (or approximately $250.1 million if the underwriters exercise their option to purchase additional shares of common stock in full).

Gray intends to place the net proceeds from the offering, including any net proceeds from the underwriters’ exercise of the option to purchase additional shares, in its corporate treasury for general corporate purposes.

It says that such net 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 Sole Book-Running Manager for the offering.

BofA Merrill Lynch and Deutsche Bank Securities are serving as Senior Co-Managers for the offering, and Stephens Inc., Barrington Research, Benchmark, G.research LLC and Noble Capital Markets are serving as Co-Managers.


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