Gray Television and Raycom Media agreed to merge in a transaction that will create the single largest owner of local television stations and digital assets in the country. Wells Fargo underwrote $2.525 billion in debt financing to support the deal.
Gray Television is proposing to add $85 million to its existing term loan to fund the acquisition of two television stations from Diversified Communications. Wells Fargo is administrative agent for its credit facility.
Gray Television closed a credit agreement for a $565 million term loan and a $100 million revolving credit facility. Wells Fargo was administrative agent for the transaction.
Gray Television is proposing to refinance and extend the maturity date of its revolving credit facility and term loan under its existing senior credit facility agented by Wells Fargo.
Wells Fargo Securities, Merrill Lynch and RBC Capital Markets served as the lead arrangers for Gray Television on the company’s acquisition of 12 television stations and programming of three additional stations.
Gray Television has commenced a $550 million senior secured debt refinancing. Wells Fargo Securities, Merrill Lynch and RBC Capital Markets are the lead arrangers for Gray’s new senior credit facility.