ATLANTA, Oct. 9, 2012 /PRNewswire/ -- Gray Television, Inc. ("Gray," "we" or the "Company") (NYSE: GTN) announced today that it has completed its offering of $300.0 million in aggregate principal amount of its 7½% Senior Notes due 2020 (the "2020 Notes"). The 2020 Notes were priced at 99.266% of par. Interest on the 2020 Notes is payable semiannually, on April 1 and October 1 of each year, commencing April 1, 2013, and the 2020 Notes mature on October 1, 2020. The Company's existing, and certain future, subsidiaries are guaranteeing the Notes. Gray also announced today the early tender results for its previously announced cash tender offer (the "Tender Offer") to purchase up to $268.5 million in aggregate principal amount (the "Maximum Tender Amount") of its outstanding 10½% Senior Secured Second Lien Notes due 2015 (CUSIP No. 389375AE6) (the "2015 Notes"). As of 5:00 p.m., New York City time, on October 5, 2012 (the "Early Tender Deadline"), holders of approximately $222.6 million of the 2015 Notes validly tendered and did not withdraw their 2015 Notes for purchase by Gray. The completion of the offering of 2020 Notes satisfied the financing condition of the Tender Offer, and Gray has also satisfied the senior credit facility amendment condition of the Tender Offer. The Company used net cash proceeds from the sale of the Notes to (i) repurchase all of the 2015 Notes validly tendered and not properly withdrawn on or before the Early Tender Deadline in the Tender Offer and (ii) pay related fees and expenses. Gray intends to use the remaining proceeds from the sale of the 2020 Notes to repay a portion of the outstanding amounts under its senior credit facility and to redeem the outstanding shares of its Series D perpetual preferred stock, including paying accrued dividends thereon.
Should campaigners, publishers, broadcasters and politicos start calling Donald Trump "low-budget Trump"? At this point, yes. But broadcasters shouldn't fret about expected political advertising dollars. Here's why.