Gray Television starts roadshow for $365 million notes due June 2015

By Paul A. Harris

St. Louis, April 20 - Gray Television, Inc. began a brief roadshow on Tuesday for its $365 million offering of senior secured second-lien notes due June 29, 2015, according to an informed source.

Marketing of the deal wraps up on Wednesday, and the notes are expected to price thereafter.

Bank of America Merrill Lynch, Wells Fargo Securities and Citadel Capital are joint bookrunners for Rule 144A with registration rights and Regulation S offering.

The notes will become callable in October 2012 and come with a 101% poison put.

The Atlanta-based television broadcast company will use the proceeds to repay a portion of its term loans and to repurchase a portion of the outstanding shares of its series D perpetual preferred stock.

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.

Credit ratings remain to be determined.

© 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.