Gray Media, Inc. has announced the pricing of $900 million of 9.625% senior secured second lien notes due 2032, representing an increase of $150 million over the amount previously announced. The notes were priced at 100% of par and are expected to close on July 18, 2025.
The proceeds from the offering, combined with borrowings under Gray’s revolving credit facility, will be used to redeem all of Gray’s outstanding 7.000% senior notes due 2027, repay a portion of Gray’s term loan due June 4, 2029, and pay fees and expenses related to the offering.
The notes will be guaranteed on a senior secured second lien basis by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.
The offering is being made to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act.
This press release does not constitute a notice of redemption with respect to the 2027 notes or an offer to sell or the solicitation of an offer to buy. The notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption. As a result of these announcements, the company's shares have moved 6.61% on the market, and are now trading at a price of $5.565. For the full picture, make sure to review GRAY MEDIA, INC's 8-K report.
