Gray Offers $500M in Notes

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Gray-TelevisionGray Television has begun a private offering of $500 million worth of senior notes.


The notes are due in 2026; they will be Gray’s senior unsecured obligations and guaranteed by all the company’s subsidiaries.

The figure is $75 million more than previously announced and Gray expects the offering to be completed by June 14.

The notes will be offered to qualified institutional buyers and to overseas investors.

Gray intends to use the proceeds from the offering as well as cash on hand to repay an outstanding term loan the broadcaster entered into in February under its senior credit facility, and to pay transaction related fees and expenses.

Customary conditions apply to closing the offering.


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