ATLANTA, June 14, 2016 /PRNewswire/ -- Gray
Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and
GTN.A) announced today that it has completed its previously
announced offering of $500.0 million
in aggregate principal amount of its 5.875% Senior Notes due 2026
(the "2026 Notes"). The 2026 Notes were priced at 100.000% of par.
Interest on the 2026 Notes is payable semiannually, on
January 15 and July 15 of each year, commencing
January 15, 2017, and the 2026 Notes
mature on July 15, 2026. The
Company's existing, and certain future, subsidiaries are
guaranteeing the 2026 Notes.
The Company used a portion of the proceeds from the sale of the
2026 Notes to repay the outstanding term loan entered into in
February 2016 under the Company's
senior credit facility and to pay transaction related fees and
expenses. The Company intends to use the remaining proceeds from
the sale of the 2026 Notes for general corporate purposes, which
may include, among other things, the repayment of other debt
outstanding from time to time, capital expenditures, the financing
of possible future business expansions and acquisitions, working
capital and the financing of ongoing operating expenses and
overhead.
The 2026 Notes and the related guarantees have not been, and
will not be, registered under the Securities Act of 1933 or the
securities laws of any other jurisdiction and may not be offered or
sold in the United States absent
registration or an applicable exemption therefrom. The 2026 Notes
were offered only to qualified institutional buyers under Rule 144A
and to persons outside the United
States under Regulation S.
Cautionary Statements for Purposes of the "Safe Harbor"
Provisions of the Private Securities Litigation Reform Act
This press release contains statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the federal securities
laws. These "forward-looking statements" are statements other than
statements of historical fact, and may include, among other things,
statements regarding our current expectations and beliefs as to the
use of proceeds from the sale of the 2026 Notes and other future
events. Actual results are subject to a number of risks and
uncertainties and may differ materially from the current
expectations and beliefs discussed in this press release. All
information set forth in this release is as of June 14, 2016. We do not intend, and undertake no
duty, to update this information to reflect future events or
circumstances. Information about certain potential factors that
could affect our business and financial results and cause actual
results to differ materially from those expressed or implied in any
forward-looking statements are included under the captions "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations," in our Annual Report on Form
10-K for the year ended December 31,
2015 and our Quarterly Report on Form 10-Q for the quarter
ended March 31, 2016, each of which
is on file with the Securities and Exchange Commission ("SEC") and
available at the SEC's website at www.sec.gov.
www.gray.tv
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SOURCE Gray Television, Inc.