GRAY TELEVISION INC : Other Events, Financial Statements and Exhibits (form 8-K)

Published: 2021-10-26 16:19:08 ET GTN

Item 8.01 Other Events.

On October 26, 2021, Gray Television, Inc. (the "Company") issued a press release (the "Press Release") announcing that a special purpose wholly owned subsidiary of the Company priced an offering of $1,300.0 million aggregate principal amount of 5.375% senior notes due 2031 (the "Notes"), pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the "Securities Act").

The notes are being offered to finance, together with cash on hand and anticipated borrowings under the Company's senior credit facility, the Company's pending merger with Meredith Corporation ("Meredith"), pursuant to which the Company will acquire Meredith's local media group, immediately after and subject to Meredith's spin-off of its national media group to the Meredith shareholders (the "Meredith Merger"), which was previously announced on May 3, 2021 and is expected to close in December 2021. If the Meredith Merger is consummated and certain other conditions are satisfied, the net proceeds from this offering of Notes will be released from escrow to fund the Meredith Merger, the issuer of the Notes will merge with and into the Company and the Company will become the primary obligor under the notes. A copy of the Pricing Press Release, which was issued in connection with the pricing of this offering of Notes and pursuant to and in accordance with Rule 135c under the Securities Act, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Neither the Pricing Press Release nor this Current Report on Form 8-K constitutes an offer to sell or the solicitation of an offer to buy the Notes. The Notes and the related guarantees are being offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

Item 9.01 Financial Statements and Exhibits.

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