Gray Television has commenced an underwritten public offering, subject to market and other conditions, of 15 million shares of its common stock pursuant to an effective shelf registration statement.
In addition, Gray expects to grant the underwriters an option for a period of 30 days to purchase up to an additional 2.25 million shares of common stock.
“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,” the company says.
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, Gray says.
Wells Fargo Securities is serving as the book-running manager for the offering.
A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission and has become effective.
Gray owns and/or operates more than 100 television stations across 57 television markets, covering approximately 10.4% of total U.S. television households.