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Gray Television accepts tenders for $222.6 million 10½% notes so far
By Toni Weeks
San Diego, Oct. 9 - Gray Television, Inc. said it accepted tenders for about $222.6 million of outstanding 10½% senior secured second-lien notes due 2015 by 5 p.m. ET on Oct. 5, the early tender date.
The company offered on Sept. 24 to purchase $225 million of the notes and increased the tender cap to $268.5 million a few hours later.
As previously reported, the total purchase price will be $1,083.75 for each $1,000 principal amount of notes tendered by the early tender date. The total payment includes an early tender premium of $5.00 per $1,000 principal amount.
Those who tender after the early deadline will receive the tender offer payment of $1,078.75 per $1,000 principal amount.
Tendered notes may no longer be withdrawn. The offer will end at midnight ET on Oct. 22.
The notes will be purchased on a prorated basis if investors tender more than the maximum repurchase amount. If that cap is reached by the early tender deadline, the company expects to stop accepting notes tendered after the early date, according to a press release.
Holders also will receive accrued interest to but excluding the settlement date.
The company also said it has completed a $300 million offering of 7½% senior notes due 2020, which satisfies the financing condition for the tender offer. The company also needed to obtain an amendment to its senior credit facility allowing repurchase of the notes. That condition has also been satisfied, according to a press release.
Gray is not soliciting consents from holders of notes in connection with the tender offer, the release noted.
The company used net cash proceeds from the new notes to purchase the 10½% notes that were tendered by the early tender date.
Bank of America Merrill Lynch (888 292-0070) and Wells Fargo Securities, LLC (866 309-6316) are the dealer managers for the tender offer. D.F. King & Co., Inc. (800 431-9633) is the information agent and tender agent.
Gray is a television broadcast company based in Atlanta.
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