Gray Television to price $500 million long eight-year senior notes in Thursday drive-by

By Abigail W. Adams

Portland, Me., Nov. 1 – Gray Television Inc. plans to sell $500 million of long eight-year senior notes (B3/B-/BB-) in a Thursday drive-by, according to a market source.

The deal is being marketed via an investor conference call scheduled for 11:30 a.m. ET.

Wells Fargo Securities LLC is the left lead for the Rule 144A and Regulation S for life offering.

BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC are joint bookrunners.

The senior notes due May 2027 are non-callable for 3.5 years. First call is at par plus 75% of the coupon.

Proceeds will be used to fund the acquisition of Raycom Media Inc. and refinance debt.

Gray Television is an Atlanta-based television broadcasting company.

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