New Issue: Gray Television $100 million add-on prices to yield 9¼%, at talk

By Paul A. Harris

St. Louis, Mo., Sept. 5 - Gray Television, Inc. priced a $100 million add-on to its 9¼% senior subordinated notes due Dec. 15, 2011 (B3/B+) at par Thursday, according to a syndicate source.

The deal priced at "dead center" of the 9¼% area price talk, the source added

Wachovia Securities, Inc., Banc of America Securities and Deutsche Bank Securities Inc. were joint bookrunners. Allen & Co. was co-manager.

Proceeds from the registered deal will be used to repay part of borrowings on senior secured credit facility and for general corporate purposes.

The original $180 million deal priced Dec. 14, 2001 to yield 9.375%.

The issuer is an Atlanta, Ga.-based communications company.

Issuer:	Gray Television, Inc.
Amount:	$100 million
Type:	Add-on to the 9¼% senior subordinated notes due Dec. 15, 2011
Bookrunners:	Wachovia Securities, Banc of America Securities, Deutsche Bank Securities
Co-manager:	Allen & Co.
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Price talk:	9¼% area
Spread:	541 basis points vs. the 5% Treasury of Aug. 15, 2011
Call features:	Callable on Dec. 15, 2006 at 104.626, 103. 083, 101.542, par on Dec. 15, 2009 and thereafter
Equity clawback:	Until Dec. 15, 2004 for 35% at 109.25
Ratings:	Moody's: B3
	Standard & Poor's: B+
Settlement date:	Sept. 10, 2002 (T+3) with accrued interest
CUSIP:	389375AA4

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.