ATLANTA, Oct. 18, 2013 /PRNewswire/ -- Gray Television, Inc. ("Gray," "we," "us," "our" or the "Company") (NYSE: GTN) announced today that it has closed its previously announced offering of $375,000,000 of additional 7½% senior notes due 2020 (the "Additional Notes"). The Additional Notes were issued at a price of 102.125%, resulting in aggregate gross proceeds of approximately $383.0 million, plus accrued and unpaid interest from and including October 1, 2013. The Additional Notes are an additional issuance of, and rank equally and form a single series with, the $300.0 million aggregate principal amount of the Company's 7½% senior notes due 2020, which were issued on October 9, 2012 (the "Existing Notes"). The Additional Notes have the same terms as the Existing Notes, including being senior unsecured obligations of the Company, and being guaranteed by all of the Company's existing, and certain future, subsidiaries.
Gray intends to use the net proceeds from the offering of Additional Notes, after deducting transaction fees and estimated offering expenses, to repay approximately $376 million of the term loan outstanding under its senior credit facility.
The Additional Notes and the related guarantees have not been registered under the Securities Act of 1933 or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Additional Notes were offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Additional Notes, and shall not constitute an offer, solicitation or sale of any Additional Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.