Broadcast TV station ownership group Gray Television on Thursday offered details on the pricing of its recently announced private offering of $1.25 billion aggregate principal amount of 10.5% senior secured first lien notes due 2029.
This, Gray says, represents an increase of $250 million over the amount previously announced.
And, Gray adds, the Notes were priced at 100% of par.
The offering of the notes is expected to close on June 3, subject to customary closing conditions and the closing of the refinancing of its senior credit facility.
As RBR+TVBR previously reported, the Notes are being offered, together with the net proceeds of up to $500 million of a new tranche F term loan, availability under its revolving credit facility, and cash on hand, to refinance Gray’s $1.2 billion tranche E term loan due January 2, 2026; repurchase in a tender offer any and all of its outstanding 5.875% senior notes due 2026; and pay all fees and expenses in connection with the offering.
The notes will be guaranteed, jointly and severally, by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.
The Notes and related guarantees will be offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act.
The Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
