Gray Communications to sell $180 million 10-year notes via Wachovia

By Paul A. Harris

St. Louis, Mo., Dec. 11 - Gray Communications Systems, Inc. announced Tuesday an offering of $180 million of 10-year senior subordinate notes with pricing of the drive-by offering expected on Thursday or Friday, a syndicate source told Prospect News.

Market sources identified Wachovia Securities and Banc of America Securities as joint bookrunners. Allen & Co. is co-manager.

Proceeds from the Rule 144A notes will be used to redeem Gray's existing 10 5/8% senior subordinated notes due 2006, to pay the associated call premium and for other general corporate purposes, according to the Tuesday release.

Gray Communications Systems, Inc. is headquartered in Atlanta, Ga. It operates 10 CBS-affiliated television stations, three NBC-affiliated television stations, four daily newspapers, a wireless messaging and paging business and a satellite uplink and production business, according to the press release.

End

© 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.