Atlanta, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Gray Television, Inc. (NYSE: GTN) announced today that it has completed its previously announced offering of $800 million in aggregate principal amount of 4.750% senior notes due 2030. The Notes were issued at par.

The net proceeds from the Notes are being used (i) to redeem all of the Company’s outstanding $525 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.

The Notes are guaranteed, jointly and severally, by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.

Interest on the Notes accrues from October 19, 2020 and is payable semiannually, on April 15 and October 15 of each year, commencing April 15, 2021. The Notes mature on October 15, 2030.

The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933 (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes were offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.