Gray Television completes $1.85 billion refinancing, including $1.25 billion private offering of Senior Secured First Lien Notes and new $500 million senior secured term loan

Client(s) Gray Television, Inc.

Jones Day represented Gray Television, Inc. (“Gray”), a television broadcast company headquartered in Atlanta, Georgia that owns and/or operates television stations and digital assets in 114 television markets that collectively reach approximately 36% of U.S. television households, in connection with its (i) private offering of $1.25 billion aggregate principal amount of 10.500% Senior Secured First Lien Notes due 2029 (the “Notes”) under Rule 144A and Regulation S, and (ii) new $500 million term loan “B” facility.

In addition, Jones Day represented Gray in connection with its cash tender offer for any and all of its outstanding 5.875% Senior Notes due 2026. The net proceeds of the Notes were used, together with the net proceeds of the new term loan, drawings under its revolving credit facility and cash on hand, to pre-pay its $1.2 billion term loan due 2026, repurchase the $690 million of Notes tendered in the tender offer, and pay all fees and expenses in connection with the refinancing.