ATLANTA, Sept. 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 $525.0 million
in aggregate principal amount of 5.125% senior notes due 2024 (the
"2024 Notes") and $200.0 million in
aggregate principal amount of additional 5.875% senior notes due
2026 (the "Additional 2026 Notes" and, together with the 2024
Notes, the "Notes"). The 2024 Notes were issued at 100.000% of par.
The Additional 2026 Notes were issued at 103.000% of par plus
accrued interest from and including June 14,
2016, resulting in an effective yield of 5.398%. Interest on
the 2024 Notes is payable semiannually, on April 15 and
October 15 of each year, commencing April 15, 2017, and the 2024 Notes mature on
October 15, 2024. The Additional 2026
Notes are part of the same issuance of, and will rank equally and
form a single series with, the $500.0
million aggregate principal amount of the Company's 5.875%
senior notes due 2026 that were issued on June 14, 2016 and mature on July 15, 2026. The Company's existing, and
certain future, subsidiaries are guaranteeing the Notes.
The Company used a portion of the proceeds from the sale of the
Notes to complete the previously announced cash tender offer (the
"Tender Offer") for any and all of its outstanding $675.0 million aggregate principal amount 7½%
Senior Notes due 2020 (the "2020 Notes"). The Company intends
to use the remaining proceeds to redeem the 2020 Notes that
remained outstanding after the completion of the Tender Offer.
The 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 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 other 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 September 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 Reports on
Form 10-Q for the quarters ended March 31,
2016 and June 30, 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.