Gray Media late Friday shared that it has completed its previously announced offering of $775 million aggregate principal amount of 7.250% senior secured first lien notes due 2033. The Notes were issued at par.
The net proceeds from the Notes are being used to repay a portion of Gray’s term loan D due December 1, 2028; to repay a portion of Gray’s term loan F due June 4, 2029; to repay all outstanding indebtedness drawn under Gray’s revolving credit facility; and to pay fees and expenses in connection with the offering, and (v) for general corporate purposes.
As a result, Gray used the net proceeds of the Notes to repay:
- $630 million of the Term Loan D, leaving an outstanding Term Loan D balance of $739 million
- $80 million of the Term Loan F, leaving an outstanding Term Loan F balance of $10 million
- all $50 million outstanding under the Revolving Credit Facility, leaving $750 million of undrawn availability thereunder (excluding approximately $8 million of outstanding letters of credit).
The Notes are guaranteed, jointly and severally, on a senior secured first 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 25, 2025 and is payable semiannually, on February 15 and August 15 of each year, commencing February 15, 2026.
The Notes mature on August 15, 2033.
