ATLANTA — The broadcast television station licensee that is on target to complete its merger with Meredith Local Media within the next eight weeks has completed its offering of $1.3 billion in aggregate principal amount of 5.375% senior notes due 2031.
The offering was made by “Gray Escrow II,” a special purpose wholly owned subsidiary of escrow issuer Gray Television. The Notes were issued at 100% of par.
At closing, as previously shared by RBR+TVBR, the proceeds from the notes were funded into an escrow account, and then sold to finance — together with cash on hand and anticipated borrowings under Gray’s senior credit facility — Gray’s pending merger with Meredith to gain its local media group. This would see the immediate spin-off of the national media group.
Interest on the Notes accrues from today (11/9) and is payable semiannually, on May 15 and November 15 of each year, commencing in 2022.
The Notes mature on November 15, 2031.
