Gray Media Inc. (GTN) announced the pricing of its private offering of $775 million aggregate principal amount of 7.250% senior secured first lien notes due 2033. This represents an increase of $75 million over the amount previously announced. The Notes were priced at 100% of par. The offering of the Notes is expected to close on July 25, 2025, subject to customary closing conditions.
The Notes are being offered to repay a portion of Grays term loan D due December 1, 2028, repay a portion of Grays term loan F due June 4, 2029, repay all outstanding indebtedness drawn under Gray's revolving credit facility, pay fees and expenses in connection with the offering, and for general corporate purposes.
The Notes will be guaranteed, jointly and severally, on a senior secured first lien basis, by each existing and future restricted subsidiary of Gray that guarantees Grays existing senior credit facility.
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