ATLANTA, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Gray Television, Inc. (NYSE: GTN) announced today that it has priced its private offering of $800 million aggregate principal amount of 4.750% senior notes due 2030, an increase of $250 million over its previously announced offering size. The Notes were priced at par. The offering of the Notes is expected to close on October 19, 2020, subject to customary closing conditions. The Notes will be senior unsecured obligations of Gray and will be guaranteed, jointly and severally, by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.

Gray intends to use the net proceeds of the offering (i) to redeem all of its outstanding $525.0 million aggregate principal amount of 5.125% senior notes due 2024 (the “existing 2024 notes”), (ii) to pay all fees and expenses in connection with the offering, including the redemption premium applicable to the existing 2024 notes, and (iii) for general corporate purposes, which could include the repayment of outstanding debt from time to time.