ATLANTA — Gray Television has completed its previously announced offering of $1.25 billion aggregate principal amount of 10.500% senior secured first lien notes due 2029. The Notes were issued at par.
The net proceeds from the Notes are being used, together with the net proceeds of up to $500 million of a new tranche F term loan and availability under its revolving credit facility, both under Gray’s Senior Credit Facility, and cash on hand to pre-pay Gray’s $1.2 billion tranche E term loan due January 2, 2026 under its Senior Credit Facility; 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.
Gray says the notes are guaranteed, jointly and severally, by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.
Interest on the notes accrues from Monday (6/3) and is payable semi-annually, on January 15 and July 15 of each year, commencing January 15, 2025.
The Notes mature on July 15, 2029.
