Gray Media has completed its previously announced offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032. The Notes were issued at par.
The net proceeds from the notes are being used, together with borrowings under its revolving credit facility, to
- redeem all of Gray’s outstanding 7.000% senior notes due 2027
- repay a portion of Gray’s term loan F due June 4, 2029
- pay fees and expenses in connection with the offering.
Gray repaid $402.5 million of the Term Loan F with the net proceeds from the Notes, leaving an outstanding Term Loan F balance of $90 million.
The notes are guaranteed, jointly and severally, on a senior secured second lien basis, by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.
Interest on the notes accrues from July 18, 2025 and is payable semiannually, on January 15 and July 15 of each year, commencing January 15, 2026.
The notes mature on July 15, 2032.
