Gray Television intends to sell $365 million five-year secured notes

By Paul A. Harris

St. Louis, April 19 - Gray Television, Inc. announced in a Monday press release that it plans to offer $365 million of senior secured second-lien notes due 2015.

The notes will be secured on a second-lien basis, subject to certain exceptions and certain permitted liens, by Gray's, and each of its subsidiary's, assets that secure the company's senior credit facility on a first-priority basis.

The notes will be guaranteed by all of the company's existing, and certain future, subsidiaries.

The company intends to use the net proceeds to repay a portion of its term loans and repurchase a portion of the outstanding shares of its series D perpetual preferred stock.

The notes will be sold according to the provisions of Rule 144A and Regulation S.

Gray Television is an Atlanta-based television broadcast company.

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