An initiative that adjusts Gray Media’s indebtedness, with repayment due in seven years, first disclosed one week ago has successfully closed, the broadcast TV station ownership group has shared.
The move allows Gray to redeem a portion of its outstanding 10.5% senior secured first lien notes due 2029.
A December 12 closing date was unexpected and came minus any glitches, as Gray, led by Hilton Howell Jr. (pictured, top left) and Pat LaPlatney, entered into purchase agreements with investors that sees them buy, in a private offering, some $250 million aggregate principal amount of 9.625% senior secured second lien notes due 2032.
The additional notes are linked directly to the currently outstanding $900 million aggregate principal amount of this note series, issued in July 2025.
“The additional notes will have substantially identical terms to the existing notes,” Gray said, as it effectively increased its borrowings under this facility to $1.15 billion.
The additional notes will be issued at 102% of par plus accrued interest from and including July 18, 2025.
The closing comes as “GTN,” which trades on the NYSE, started Monday’s trading session on a downbeat note, shifting to $5.18 with a seven-cent decline. The good news? Gray Media shares are up by 64.3% year-to-date and are off a $6.27 peak seen right before the Labor Day weekend holiday.
