Gray Television whispers $425 million 10-year notes with 6%-6¼% yield; pricing Tuesday

By Paul A. Harris

Portland, Ore., June 7 – Gray Television, Inc. plans to price a $425 million offering of 10-year senior notes on Tuesday trailing a late-morning conference call with investors, according to market sources.

The initial guidance has the notes yielding 6% to 6¼%.

Wells Fargo Securities LLC is the left bookrunner for the Rule 144A and Regulation S for life offering. BofA Merrill Lynch, RBC Capital Markets and Deutsche Bank Securities Inc. are the joint bookrunners.

The notes become callable after five years at par plus 50% of the coupon.

The Atlanta-based owner and operator of TV stations plans to use the proceeds to repay its term loan and for general corporate purposes.

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