Just one day after Gray Media completed its previously announced offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032, the publicly traded company has revealed plans for an offering of senior secured first lien notes due 2033.
The Atlanta-headquartered owner of broadcast television stations and the growing Assembly Atlanta production facility and studio intends to offer up to $700 million aggregate principal amount of senior secured first lien notes due 2033, subject to market conditions.
The offering will be exempt from the registration requirements of the Securities Act.
Gray intends to use the net proceeds of the offering, together with borrowings under Gray’s revolving credit facility, to repay a portion of Gray’s term loan D due December 1, 2028; and repay a portion of Gray’s term loan F due June 4, 2029.
