Gray Taps Lenders For Meredith Local Media Purchase Cash


As announced in May, Gray Television has agreed to acquire Meredith Local Media. One month later, after an unsolicited counteroffer emerged, Gray sweetened its deal, agreeing to pay $2.825 billion in cash.

Now, in order for Gray to satisfy terms that call for Meredith Corporation shareholders to receive $16.99 per share in cash and 1-for-1 equity share in post-close Meredith, it is amending and restating its senior credit facility while concurrently seeking an additional incremental term loan valued at $1.5 billion.

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