|
July 1, 2008 (New York, NY) - Proskauer Rose LLP, an international law firm with more than 750 lawyers worldwide, has represented Gray Television, Inc. in the issuance of $75 million liquidation value of Series D Perpetual Preferred Stock in a privately placed transaction to qualified investors.
It is the only issue of preferred stock Gray has authorized, issued and outstanding. The company received approximately $69 million in net proceeds after issuance discounts and transaction expenses. The net proceeds will be used to make a voluntary prepayment of Gray's term loan and for general corporate purposes.
Gray Television is a television broadcast company headquartered in Atlanta, Georgia. The company currently operates 36 television stations serving 30 markets, which are affiliated with CBS, NBC, ABC and FOX. In addition, Gray operates 40 digital second channels, eight local news/weather channels and two independent channels.
The Proskauer team that represented Gray included Robert Cantone, Vincenzo Paparo, Gary Ross, Joseph Choi and Eric Friedlander.
Proskauer's Corporate Department consists of over 200 lawyers worldwide counseling clients in the full range of sophisticated financial transactions and daily business and regulatory matters including mergers & acquisitions, capital markets, private equity, finance, and bankruptcy. The firm's transactional practice includes: public and private mergers and acquisitions; public securities offerings, including IPOs; private equity fund transactions, including formation of private equity funds and leveraged buyout funds, and investments by institutional and private investors; private placement of securities and private financing; and leveraged buyouts and structured finance.
About Proskauer Rose
Proskauer Rose, founded in 1875, is an international law firm providing a wide variety of legal services to clients worldwide from offices in Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Newark, Paris, São Paulo, and Washington, D.C. The firm has wide experience in all areas of practice important to businesses and individuals including corporate finance, mergers and acquisitions, general commercial litigation, corporate governance matters, conducting internal corporate investigations, white collar criminal defense, private equity and fund formation, patent and intellectual property litigation and prosecution, labor and employment law, real estate transactions, bankruptcy and reorganizations, trusts and estates, and taxation. Its clients span industries including chemicals, entertainment, financial services, health care, information technology, insurance, internet, lodging and gaming, manufacturing, media and communications, pharmaceuticals, real estate investment, sports, and transportation. The firm can be found online at http://www.proskauer.com.
|
