01:52 PM EDT, 05/23/2024 (MT Newswires) -- Gray Television ( GTN ) said Thursday it priced an upsized private placement of $1.25 billion of 10.5% senior secured first lien notes due 2029 at 100% of par.

The company said it expects to close the offering June 3, subject to closing conditions and refinancing of its senior credit facility.

Net proceeds from the private notes offering along with $500 million of the new tranche F term loan, cash on hand and revolving credit facility will be used to refinance Gray's $1.2 billion tranche E term loan due Jan. 2, 2026, according to the company.

Funds will also be used to fund its tender offer for 5.875% senior notes due 2026.

Price: 5.87, Change: -0.13, Percent Change: -2.09