Gray Media has closed on a private placement of $70 million of aggregate principal amount of its 7.250% Senior Secured First Lien Notes due 2033.
The “additional notes,” as Gray calls them, were sold to accredited investors at a price of par plus accrued interest from and including February 15, 2026, the company said on Wednesday.
The proceeds were used to fund the acquisition of six stations it has operated via a shared services agreement with American Spirit Media since 2003 (including the years Raycom Media handled the SSAs) and to fund Gray’s repurchase of an aggregate of 50,000 shares of Series A Perpetual Preferred Stock — having an aggregate liquidation preference of $50 million for a total purchase price of $30 million plus accrued but unpaid dividends.
Following the completion of these transactions, Gray still has outstanding $845 million of aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033 and 600,000 shares of its Series A Perpetual Preferred Stock with an aggregate liquidation preference of $600 million.
The additional notes are part of the same issuance of, and rank equally and form a single series with, the outstanding $775 million aggregate principal amount of the company’s 7.250% Senior Secured First Lien Notes due 2033, issued in July 2025.
