ATLANTA, Nov. 27, 2017 /PRNewswire/ -- Gray
Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and
GTN.A) announced today that it has commenced an underwritten public
offering, subject to market and other conditions, of 15 million
shares of its common stock pursuant to an effective shelf
registration statement. In addition, Gray expects to grant the
underwriters an option for a period of 30 days to purchase up to an
additional 2.25 million shares of common stock.
We expect to place the net proceeds from this offering,
including any net proceeds from the underwriters' exercise of the
option to purchase additional shares, in our corporate treasury for
general corporate purposes. Such proceeds may be used from time to
time for, among other things, repayment of outstanding debt,
capital expenditures, the financing of possible future business
expansions and acquisitions, increasing our working capital and the
financing of ongoing operating expenses and overhead.
Wells Fargo Securities is serving as the book-running manager
for the offering.
A shelf registration statement relating to the securities being
offered has been filed with the Securities and Exchange Commission
(the "SEC") and has become effective. This press release does not
constitute an offer to sell or the solicitation of an offer to buy
any securities described herein, nor shall there be any sale of the
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities law of any such jurisdiction.
The offering is being made only by means of a preliminary
prospectus supplement and accompanying prospectus. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering have been filed with the SEC and are available free of
charge on the SEC's website at http://www.sec.gov. Copies of the
preliminary prospectus supplement and accompanying prospectus
relating to this offering of securities may also be obtained from
Wells Fargo Securities, Attention: Equity Syndicate Department, 375
Park Avenue, New York, New York
10152, by telephone at 1-800-326-5897, or by e-mail at
cmclientsupport@wellsfargo.com.
About Gray
Gray owns and/or operates over 100 television stations across 57
television markets that collectively broadcast over 200 program
streams including over 100 channels affiliated with the CBS
Network, the NBC Network, the ABC Network and the FOX Network. Our
portfolio includes the number-one and/or number-two ranked
television station operations in essentially all of our markets,
which collectively cover approximately 10.4 percent of total
United States television
households. For further information, please visit www.gray.tv.
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 relate to, among
other things, statements regarding our current expectations and
beliefs as to the ability to complete the offering, uses of
proceeds thereof, other future events, and other risks detailed in
the preliminary prospectus supplement and accompanying prospectus
related to the offering and the shelf registration statement.
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 the date hereof. 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,
2016 and may be contained in reports subsequently filed with
the SEC and available at the SEC's website at www.sec.gov.
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SOURCE Gray Television