March 30, 2007 – (New York, NY) – LAWFUEL – US Law News – Proskaue…

March 30, 2007 – (New York, NY) – LAWFUEL – US Law News – Proskauer Rose LLP, an international law firm with over 700 lawyers worldwide, has represented Gray Television, Inc. in the refinancing of its senior credit facility with Wachovia Capital Markets LLC. The new credit facility has a total commitment of $1.025 billion and consists of a $100 million revolving credit facility and a $925 million institutional term loan facility.

Proskauer also represented Gray in the redemption of its outstanding 9.25 percent notes at a redemption price of $1,046.25 per $1,000 principal amount of 9.25 percent notes, plus accrued and unpaid interest on such amount up to but not including April 18, 2007. The initial draw under the new credit facility, consisting of $8 million on the revolving credit facility and $610 million on the term loan facility, will fund the payoff of all outstanding amounts under Gray’s former senior credit facility, pay fees and expenses relating to the refinancing, and be used for other general corporate purposes.

The Proskauer team involved in the matter included Janice Smith, Arnold Jacobs, Robert Kane, and Eric Friedlander (Corporate): Mike Katz (Employee Benefits); Abe Gutwein (Tax); Jenifer de Wolf Paine (Intellectual Property); and Aliza Cinamon (Environmental), with assistance from Veronica Bajkai.

Proskauer Rose counsels banks, bank holding companies, private equity funds and other financial institutions on a wide array of corporate finance matters including domestic and cross-border syndicated loans, acquisition finance, working capital and asset-based loans, debt/equity swaps, receivables purchase transactions, commercial paper conduits, and asset securitization. Proskauer also advises on regulatory compliance matters with respect to the Bank Holding Company Act, International Banking Act, National Bank Act, and Federal Reserve Act, and gives advice to directors with respect to fulfillment of required duties.

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