ATLANTA, Dec. 6, 2017 /PRNewswire/ -- Gray Television,
Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A) announced
today that it has completed its previously announced and priced
underwritten public offering of shares of its common stock at a
price to the public of $14.50 per
share. Gray issued a total of 17.25 million shares of common
stock in the offering, which included 2.25 million shares issued
pursuant to the full exercise of the underwriters' over-allotment
option. After giving effect to the offering, Gray had
83,253,588 shares of common stock, and 6,598,377 shares of Class A
common stock, issued and outstanding.
The gross proceeds from the offering were approximately
$250.1 million excluding underwriting
discounts, commissions and transaction expenses. We placed the net
proceeds from the offering in our corporate treasury for general
corporate purposes, and such net 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 served as the Sole Book-Running Manager
and representative of the underwriters for the offering. BofA
Merrill Lynch and Deutsche Bank Securities served as Senior
Co-Managers for the offering, and Stephens Inc., Barrington
Research, Benchmark, G.research, LLC and Noble Capital Markets
served as Co-Managers for the offering.
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 uses of proceeds from the offering, other future
events, and other risks detailed in the 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.
Web site: www.gray.tv
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SOURCE Gray Television