Granite Broadcasting starts roadshow for $300 million seven-year notes

By Paul A. Harris

St. Louis, Nov. 24 - Granite Broadcasting Corp. started the roadshow Monday for an offering of $300 million first lien notes due 2010, according to a syndicate source.

The deal is expected to price during the week of Dec. 1.

JP Morgan, Banc of America Securities and Goldman Sachs & Co. are underwriters of the Rule 144A deal.

The notes will contain a first lien on all assets except accounts receivable and a second lien on accounts receivable.

The seven-year notes will be non-callable for three years.

Granite will use proceeds to repay bank debt and to call its 10 3/8% notes and 9 3/8% notes at par.

The New York City-based broadcaster owns and operates eight network-affiliated TV stations.

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