New York, September 07, 2016 -- Moody's Investors Service, (Moody's) assigned a B2 rating to Gray Television, Inc.'s (Gray or the Company) proposed $525 million of new notes due 2024. In connection with this assignment, Moody's also upgraded Gray's existing 5.875% notes due 2026 to B2. The 2026 notes, originally issued in June, are proposed to increase by $200 million in today's transaction. The proceeds from the offering, plus cash, will be used to tender for the $675 million 7.5% Senior Notes due 2020. The remaining proceeds will be used to fund the redemption, accrued interest, and transaction fees. We expect the transaction to favorably extend the company's maturity profile but add approximately $50 million of incremental debt, raising leverage but only slightly. The B3 rating on Gray's $675 million notes is upgraded to B2 consistent with the rating action and subsequently withdrawn at deal close. All other ratings are unchanged and the outlook remains stable.

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