Gray Media plans $750 million senior secured notes offering due 2034

Gray Media, Inc. (NYSE: GTN) announced plans to offer up to $750 million in aggregate principal amount of senior secured first lien notes due 2034, subject to market conditions.

According to a press release, the Atlanta-based company intends to use the net proceeds to redeem a portion of its outstanding 10.500% senior secured first lien notes due 2029, repay a portion of borrowings under its revolving credit facility, and cover fees and expenses related to the offering.

The notes will be guaranteed on a senior secured first lien basis by each existing and future restricted subsidiary of Gray that guarantees its existing senior credit facility.

The offering is exempt from the registration requirements of the Securities Act of 1933 and will be available only to qualified institutional buyers under Rule 144A and to non-U.S. persons in offshore transactions under Regulation S.

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