Gray TV completes sale of notes

Gray Television, Inc., the Atlanta-based company that's

buying KOLO-TV in Reno, last week completed the sale of

$100 million of senior subordinated notes at 9.25 percent.

The notes were issued at par.

Gray used the proceeds to repay $100 million of secured

loans.

Along with its $41.5 million purchase of KOLO, Gray

Television is paying $502.5 million to acquire 15 television

stations from Stations Holding Company, Inc. Gray has

said it would finance transactions with equity and debt

securities. The transactions are expected to close during the

fourth quarter.