Gray Television, Inc., which owns Bowling Green, Ky. ABC/Fox/CW affiliate WBKO and operates WKRN, the ABC affiliate in Nashville, for Young Broadcasting, today that it is commencing a refinancing of its existing capital structure. Gray has commenced a cash tender offer for up to $225 million of its outstanding 10½% senior secured second lien notes due 2015.
Note holders are being offered $1,078.75, plus an early tender premium of $5.00, amounting to a total of $1,083.75 per $1,000 of face value.
Gray also announced today that, in addition to entering into discussions with its lenders relating to an amendment to its senior credit facility necessary in order to complete the Tender Offer, it has entered into discussions with certain banks relating to an overall refinancing of its senior credit facility, subject to market and other conditions. Gray expects that its refinanced senior credit facility would provide for total commitments of $665.0 million, consisting of a $40.0 million revolving credit facility and a $625.0 million term loan facility.
Proceeds from borrowings under the refinanced senior credit facility are expected to be used to repay outstanding borrowings under the company's existing senior credit facility, repurchase or redeem any notes not previously purchased in the Tender Offer, redeem the outstanding shares of the company's Series D perpetual preferred stock and pay related fees and expenses.
Note holders are being offered $1,078.75, plus an early tender premium of $5.00, amounting to a total of $1,083.75 per $1,000 of face value.
Gray also announced today that, in addition to entering into discussions with its lenders relating to an amendment to its senior credit facility necessary in order to complete the Tender Offer, it has entered into discussions with certain banks relating to an overall refinancing of its senior credit facility, subject to market and other conditions. Gray expects that its refinanced senior credit facility would provide for total commitments of $665.0 million, consisting of a $40.0 million revolving credit facility and a $625.0 million term loan facility.
Proceeds from borrowings under the refinanced senior credit facility are expected to be used to repay outstanding borrowings under the company's existing senior credit facility, repurchase or redeem any notes not previously purchased in the Tender Offer, redeem the outstanding shares of the company's Series D perpetual preferred stock and pay related fees and expenses.
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