The pricing of Gray Television‘s previously announced private offering of $1.3 billion aggregate principal amount of 5.375% senior notes due 2031 by Gray Escrow II Inc., a special purpose wholly owned subsidiary of Gray, has been affirmed.
This represents an increase of $175 million over the amount previously announced but is shy of the $1.5 billion Gray could have gone up to in the bond market.
The Notes were priced at 100% of par.
The offering of the Notes is expected to close on November 9, subject to customary closing conditions, at which time the proceeds of the offering will be funded into an escrow account.
The Notes are being offered to finance, together with cash on hand and anticipated borrowings under Gray’s senior credit facility, Gray’s pending acquisition of Meredith Corp.’s local media group, immediately after all spin-off deals are completed.
Closing is now expected to occur in December.
