By Paul A. Harris
St. Louis, July 15 - Gray Television, Inc. announced on Tuesday that issued an additional $25 million of series D perpetual preferred stock in a private placement.
The initial 12% dividend steps up to 15% on Jan. 1, 2009.
Wachovia Securities was the placement agent. The deal generated about $23 million of proceeds after fees and discounts.
Proceeds will be used to make a prepayment of the company's outstanding term loan.
The broadcast company previously issued $75 million of the series D preferreds.
Gray said the additional $25 million was issued in response to strong demand for the initial offering.
| Issuer: | Gray Television
|
| Face amount: | $25 million add-on
|
| Proceeds: | $23 million
|
| Maturity: | Perpetual
|
| Security description: | Series D perpetual preferred stock
|
| Placement agent: | Wachovia Securities
|
| Dividend: | 12%, increasing to 15% on Jan. 1, 2009
|
| Distribution: | Private placement
|
| Announcement date: | July 15
|
| Total amount: | $100 million, including $75 million issued previously
|
© 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.
