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Gray Television talks $500 million long eight-year notes at 7%-7½%
By Abigail W. Adams
Portland, Me., Nov. 1 – Gray Television Inc. talked its $500 million offering of long eight-year senior notes (B3/B-/BB-) to yield 7% to 7½%, according to a market source.
Official price talk comes on top of early guidance in the low 7% area, according to market sources.
Books were scheduled to close at 2 p.m. ET with pricing thereafter.
The deal was marketed via an investor conference call.
Wells Fargo Securities LLC is the left lead for the Rule 144A and Regulation S for life offering.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC are joint bookrunners.
The senior notes due May 2027 are non-callable for 3.5 years. First call is at par plus 75% of the coupon.
A concurrent term loan was downsized to $1.65 billion from $2.15 billion with proceeds shifted to the senior notes offering.
Proceeds will be used to fund the acquisition of Raycom Media Inc. and refinance debt.
Gray Television is an Atlanta-based television broadcasting company.
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