New Issue-Gray Television sells $365 mln notes

Wed Apr 21, 2010 5:39pm EDT

  April 21 (Reuters) - Gray Television Inc (GTN.N) on
Wednesday sold $365 million of senior secured second lien notes
in the 144a private placement market, said IFR, a Thomson
Reuters service.
  Bank of America Merrill Lynch, Wells Fargo Securities and
Citadel Securities were the joint bookrunning managers for the
sale.
BORROWER: GRAY TELEVISION INC
AMT $365 MLN       COUPON 10.5 PCT     MATURITY 6/29/2015 
TYPE SR 2ND LIEN   ISS PRICE 98.085    FIRST PAY 11/1/2010
MOODY'S Caa2       YIELD 11.0 PCT      SETTLEMENT 4/29/2010
S&P TRIPLE-C       SPREAD 850 BPS      PAY FREQ SEMI-ANNUAL
FITCH N/A           MORE THAN TREAS    NON-CALLABLE 2.5 YRS*
*MAKE-WHOLE-CALL 50 BPS                                  

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