Gray Television to price $1.13 billion 10-year notes on Tuesday; initial talk 5½%-5¾% area

By Paul A. Harris

Portland, Ore., Oct. 25 – Gray Television, Inc. plans to price a $1.125 billion offering of 10-year senior notes (existing ratings B3/B/BB-) on Tuesday, according to market sources.

The deal, which was set to kick off on a Monday conference call with investors, is in the market with initial guidance in the 5½% to 5¾% area.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., Deutsche Bank Securities Inc., Regions Securities LLC and Truist Securities Inc. are the joint bookrunners.

Citizens Capital Markets Inc., Fifth Third Securities Inc. and MUFG are the co-managers.

The Rule 144A and Regulation S for life notes become callable after five years at par plus 50% of the coupon.

The Atlanta-based television broadcast company plans to use the proceeds to finance the acquisition of Meredith Local Media Group and to refinance Meredith debt.

The issuing entity will be Gray Escrow II, Inc., to be assumed by Gray Television.

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