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Gray Television increases term loan amount to $525 million
By Sara Rosenberg
New York, June 9 – Gray Television Inc. upsized its term loan to $525 million from $500 million, according to a market source.
Pricing on the term loan is Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 99¾, following a revision last week from talk of Libor plus 300 bps with a 1% Libor floor and a discount of 99½.
The company’s now $575 million senior secured credit facility (Ba3/BB), up from $550 million, also includes a $50 million revolver.
Allocations are expected in the first half of this week, the source added.
Wells Fargo Securities LLC, Bank of America Merrill Lynch and RBC Capital Markets are the lead arrangers on the deal.
Proceeds will be used to refinance existing debt and to complete pending acquisitions.
Closing is expected on or before June 30.
Gray Television is an Atlanta-based owner and operator of television stations and digital assets.
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