Gray Television, Inc. Announces Upsizing and Pricing of $1,300.0 Million Aggregate Principal Amount of 5.375% Senior Notes Due 2031
October 26, 2021 at 04:05 pm EDT
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Gray Television, Inc. announced the pricing of its previously announced private offering of $1,300.0 million aggregate principal amount of 5.375% senior notes due 2031 by Gray Escrow II, Inc., a special purpose wholly owned subsidiary of the company (the Escrow Issuer). This represents an increase of $175.0 million over the amount previously announced. The notes were priced at 100% of par. The offering of the notes is expected to close on November 9, 2021, 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 the company?s senior credit facility, the company?s pending merger with Meredith Corporation, pursuant to which the company will acquire Meredith?s local media group, immediately after and subject to Meredith?s spin-off of its national media group to the Meredith shareholders, which was previously announced on May 3, 2021 and is expected to close in December 2021. If the Meredith Merger is consummated and certain other conditions are satisfied, the net proceeds from the offering will be released from escrow to fund the Meredith Merger, the Escrow Issuer will merge with and into the company and the company will become the primary obligor under the notes (the assumption). Following the assumption, the notes will be guaranteed, jointly and severally, by each existing and future restricted subsidiary of the company that guarantees the company?s existing senior credit facility.
Gray Television, Inc. is a multimedia company that owns local television stations and digital assets in the United States. The Company operates through two segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the United States. The production companies segment includes the production of television and event content. It serves approximately 113 television markets in the United States. Its portfolio includes approximately 79 markets with the top-rated television station and 102 markets with the first and/or second rated television station. It also owns video program companies Raycom Sports, Tupelo Media Group, PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Its network affiliations include the Big Four networks and many smaller networks. Its stations also provide content through digital platforms, including a local station Website and one or more digital apps.
GRAY TELEVISION, INC. 
