ATLANTA — Publicly traded broadcast TV station ownership group Gray Media intends to offer up to $750 million aggregate principal amount of senior secured first lien notes due 2034, subject to market conditions, in a new offering exempt from Securities Act registration requirements.
Gray intends to use the net proceeds of the offering to redeem a portion of Gray’s outstanding 10.5% senior secured first lien notes due 2029, repay a portion of its outstanding borrowings under the company’s revolving credit facility, and pay fees and expenses in connection with the offering.
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, the company announced ahead of Monday’s start of trading for U.S. financial markets.
