By Paul A. Harris
Portland, Ore., Oct. 8 – Gray Television, Inc. priced an upsized $800 million issue of 10-year senior notes (B3/B+/BB-) at par to yield 4¾% in a Thursday drive-by, according to market sources.
The issue size increased from $550 million.
The yield printed at the tight end of yield talk in the 4 7/8% area.
The order book was heard to be five-times oversubscribed, traders said.
Wells Fargo Securities LLC was the bookrunner.
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. The additional proceeds resulting from the $250 million upsizing of the deal will be used for general corporate purposes.
| Issuer: | Gray Television, Inc.
|
| Amount: | $800 million, increased from $550 million
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| Maturity: | Oct. 15, 2030
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| Securities: | Senior notes
|
| Bookrunner: | Wells Fargo Securities LLC
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| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
|
| Spread: | 396 bps
|
| First call: | Oct. 15, 2025 at 102.375
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 19
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4 7/8% area
|
| Marketing: | Roadshow
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