Gray ups offering


The value of senior notes being sold by Gray Television was pegged at $300M when announced a few days back. But the toner was barely dry on that announcement when the company significantly increased the amount.

Now $375M of the 7.5% senior notes will be issued, a 20% increase over the previously announced total.

Gray pegs the price at 102.125%, plus accrued and unpaid interest. The offering is built on existing notes and will carry the same terms.
The target date to complete the sale is 10/18/13.

The company stated, “We intend to use the net proceeds from the offering of Additional Notes, after deducting transaction fees and estimated offering expenses, to repay approximately $376 million of the term loan outstanding under our senior credit facility.”