Gray TV Completes Tender Offer, Closes Notes Offering


Gray Television’s previously announced offer to purchase any and all of its outstanding 71/2% Senior Notes due 2020 expired at 5pm Eastern on Sept. 13.

At that time, $431.24 million aggregate principal amount of the notes, or 63.9% of the aggregate principal amount outstanding, had been validly tendered and not withdrawn.

The complete terms and conditions of the tender offer were set forth in an offer to purchase that was made available to holders of the notes.

In accordance with the terms of the purchase offer, Gray made a cash payment to all holders who validly tendered their notes in the tender offer of $1,042.20 per $1,000 principal amount of notes tendered, plus accrued and unpaid interest from the last interest payment date to, but not including, the payment date of Sept. 14.

This amount to a total cash payment of approximately $464.1 million.

Gray funded the payment with the proceeds from its previously announced offering of $525 million aggregate principal amount of 5.125% senior notes due 2024, and $200 million aggregate principal amount of additional
5.875% senior notes due 2026.

Gray has also delivered a notice of redemption to the holders of notes that were not validly tendered in the tender offer at the redemption price of 103.750% of the principal amount, plus accrued and unpaid interest to, but not including, the date of redemption.

The redemption of the remaining outstanding notes is expected to occur on Oct. 14.

Gray intends to fund the amounts necessary to redeem the remaining outstanding notes with the proceeds from the offering.