Gray Media late Tuesday revealed the pricing of its previously announced private offering of $775 million aggregate principal amount of 7.250% senior secured first lien notes due 2033. This represents an increase of $75 million over the amount previously announced.
The notes were priced at 100% of par. The offering of the notes is expected to close on July 25, subject to customary closing conditions.
The notes are being offered to repay a portion of Gray’s term loan D due December 1, 2028; repay a portion of Gray’s term loan F due June 4, 2029; repay all outstanding indebtedness drawn under Gray’s revolving credit facility; pay fees and expenses in connection with the offering; and for general corporate purposes.
The notes will be 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.
