Gray Media prices $750 million in senior secured notes due 2034

Gray Media, Inc. (NYSE: GTN) announced the pricing of a private offering of $750 million in aggregate principal amount of 7.500% senior secured first lien notes due 2034, priced at 100% of par.

The offering is expected to close on August 21, 2026, subject to customary closing conditions.

According to the company, proceeds from the notes will be used to redeem a portion of its outstanding 10.500% senior secured first lien notes due 2029, repay a portion of outstanding 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, jointly and severally, by each existing and future restricted subsidiary of Gray that guarantees its existing senior credit facility.

The notes and related guarantees are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons in transactions outside the United States under Regulation S. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.

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