On Tuesday, broadcast TV company Gray Media announced a private offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032.
One day later, the NYSE-traded company unveiled the pricing of the offering, and it is an upsizing — a mark of success for Gray.
It is a private offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032.
This represents an increase of $150 million over the amount previously announced.
The Notes were priced at 100% of par, Gray says, and the offering of the Notes is expected to close on July 18, 2025, subject to customary closing conditions.
As previously reported, the notes are being offered, together with borrowings under Gray’s revolving credit facility, to redeem all of Gray’s outstanding 7.000% senior notes due 2027; to repay a portion of Gray’s term loan F due June 4, 2029; and to pay fees and expenses in connection with the offering.
The notes will be 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.
Gray shares finished Tuesday’s trading at $5.22, up 10.4% from July 7’s closing price.
