Attached files
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8-K - 8-K - GRAY TELEVISION INC | d414824d8k.htm |
EX-99.2 - EX-99.2 - GRAY TELEVISION INC | d414824dex992.htm |
Exhibit 99.1
Gray Television Announces Proposed Private Placement of Senior Notes
ATLANTA, September 24, 2012 /PRNewswire via COMTEX/ Gray Television, Inc. (Gray or the Company) (NYSE: GTN) announced today that it has commenced an offering of $250.0 million aggregate principal amount of senior notes due 2020 (the Notes) in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the Act). The Notes will be the Companys senior unsecured obligations and will be guaranteed by all of the Companys existing, and certain future, subsidiaries.
The Company intends to use the net proceeds from the offering of the Notes to (i) repurchase for cash up to $225.0 million of the Companys outstanding 10 1/2% senior secured second lien notes due 2015 (the 2015 notes) pursuant to a cash tender offer by the Company and (ii) pay related fees and expenses. If the Company does not use all of the proceeds from the Offering of Notes to repurchase 2015 notes pursuant to the tender offer for any reason, the Company intends to use the remaining proceeds from the issuance of the Notes to (i) redeem the outstanding shares of the Companys Series D perpetual preferred stock and (ii) repay a portion of the term loans outstanding under the Companys senior credit facility. The completion of the offering of Notes is conditioned upon customary closing conditions.
The Notes and the related guarantees have not been, and will not be, registered under the 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 will be offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, and shall not constitute an offer, solicitation or sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Act.
Cautionary Statements for Purposes of the Safe Harbor Provisions of the Private Securities Litigation Reform Act
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. These forward-looking statements are statements other than statements of historical fact, and may include, among other things, statements regarding our current expectations and beliefs as to the consummation of the offering of Notes and the uses of proceeds thereof, and other future events. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. All information set forth in this release is as of September 24, 2012. We do not intend, and undertake no duty, to update this information to reflect future events or circumstances. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2011 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012, each of which is on file with the SEC and available at the SECs website at www.sec.gov.
Contact: | Gray Television, Inc. | |
Jim Ryan, Senior V.P. and Chief Financial Officer | ||
(404) 504-9828 |