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Granite expects to buy $29.25 million of preferred stock in tender
New York, June 18 - Granite Broadcasting Corp. said it expects to spend $29.25 million to buy back 45,000 shares of its 12.75% cumulative exchangeable preferred stock in its modified dutch auction tender offer.
The New York City-based television company said the purchase price will be $650 per share.
Granite began the tender on May 17, offering to buy up to 45,000 shares at a price between $590 and $670 per share.
The tender expired at 5.00 p.m. ET on June 17.
Granite said it will buy 96% of shares tendered using the pro rata provision in the terms of the tender.
The price and pro rate factor are preliminary.
Granite may buy further shares up to 2% of the outstanding preferreds.
Jefferies & Co., Inc. was dealer manager for the tender and Mellon Investor Services LLC was information agent and depositary.
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