Gray Television begins cash tender for $675 million 7½% notes due 2020

By Susanna Moon

Chicago, Sept. 7 – Gray Television, Inc. said it began a cash tender offer for its $675 million principal amount 7½% senior notes due 2020.

The company is offering to pay $1,042.20 for each $1,000 principal amount plus accrued interest to but excluding the payment date of Sept. 14, according to a company announcement.

The tender offer will end at 5 p.m. ET on Sept. 13.

Tendered notes may be withdrawn before the offer ends.

The company plans to fund the redemption with the proceeds of $525 million of 5 1/8% notes due 2024 and a $200 million add-on to its 5 7/8% notes due 2026. Any remaining proceeds will be used to redeem any 7½% notes that remain outstanding after the completion of the tender offer.

Wells Fargo Securities, LLC (704 410-4760 or 866 309-6316) and BofA Merrill Lynch (980 386-6026 or 888 292-0070) are the joint dealer managers. D.F. King & Co., Inc. (212 269-5550, 800 290-6431, gtn@dfking.com or dfking.com/gtn) is the information agent and tender agent.

Gray is an Atlanta-based owner and operator of TV stations.

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