Gray Television to price $550 million 10-year notes on Thursday

By Paul A. Harris

Portland, Ore., Oct. 8 – Gray Television, Inc. plans to price a $550 million offering of 10-year senior notes (existing ratings B3/B+/BB-) in a Thursday drive-by trailing a late-morning conference call with investors, according to an informed source.

Wells Fargo Securities LLC is the bookrunner.

The Rule 144A and Regulation S for life notes become callable after five years at par plus 50% of the coupon.

The Atlanta-based television broadcasting company plans to use the proceeds to redeem its existing $525 million 5 1/8% senior notes due 2024 and for general corporate purposes.

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