Gray Television Inc. launched an underwritten public offering of 15 million shares of its common stock pursuant to an effective shelf registration statement.
Gray also expects to grant underwriters a 30-day option to buy an additional 2.25 million shares of common stock, according to a Nov. 27 press release.
Net proceeds from the offering, including those coming from the underwriters' exercise of the option to purchase additional shares, will be placed in Gray's corporate treasury for general corporate purposes. The company may use the proceeds from time to time for, among other things, repayment of outstanding debt, capital expenditures, financing of business expansions and acquisitions, increasing working capital and financing ongoing operating expenses and overhead.
Wells Fargo Securities is acting as the book-running manager for the offering.
