By Paul A. Harris
Portland, Ore., Oct. 15 - Gray Television, Inc. priced an upsized $375 million add-on to its 7½% senior notes due Oct. 1, 2020 (Caa1/B+/) at 102.125 to yield 6.984% on Tuesday, according to a syndicate source.
The add-on was upsized from $300 million.
The reoffer price came at the rich end of price talk that was set in the 102 area.
Wells Fargo Securities LLC was the left bookrunner. BofA Merrill Lynch and RBC Capital Markets LLC were the joint bookrunners.
The Atlanta-based television broadcast company plans to use the proceeds to partially repay its term loan B.
| Issuer: | Gray Television, Inc.
|
| Amount: | $375 million, increased from $300 million
|
| Proceeds: | $383 million
|
| Maturity: | Oct. 1, 2020
|
| Security description: | Add-on to 7½% senior notes due Oct. 1, 2020
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BofA Merrill Lynch, RBC Capital Markets LLC
|
| Coupon: | 7½%
|
| Price: | 102.125
|
| Yield: | 6.984%
|
| Spread: | 556 bps
|
| First call: | Callable Oct. 1, 2015 at 105.625
|
| Trade date: | Oct. 15
|
| Settlement date: | Oct. 18 with accrued interest
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 102 area
|
| Marketing: | Quick to market
|
| Original issue: | $300 million priced at 99.266 to yield 7 5/8% in September 2012
|
| Fungibility: | Upon registration the add-on notes will be fungible with the existing notes
|
| Total issue size: | $675 million
|
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