Co-Manager
Gray Television, Inc.
Equity Capital Markets
Follow-On Offering
Transaction Details
- On November 30, 2017, Gray Television, Inc. (NYSE:GTN) (“Gray,” or the “Company”) priced a follow-on offering for a deal value of $217.5 million
- The deal priced 15,000,000 shares of common stock at $14.50 per share
- All shares were primary shares offered by the Company
- Gray intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of outstanding debt, capital expenditures, the financing of possible future business expansions and acquisitions, increasing Gray’s working capital and the financing of ongoing operating expenses and overhead
- Stephens Inc. served as a co-manager on this transaction
About the company
Gray Television Inc. owns and/or operates over 100 television stations across 57 television markets that collectively broadcast over 200 program streams including over 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network and the FOX Network. Our portfolio includes the number-one and/or number-two ranked television station operations in essentially all of our markets, which collectively cover approximately 10.4 percent of total United States television households.
Sources: Company filings
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The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Equity Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Equity Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link: https://www.sec.gov/Archives/edgar/data/43196/000119312517352383/d489998d424b5.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.