Gray Media closes $750M note offering to refinance higher-rate debt

Gray Media, Inc. (NYSE: GTN) has closed an offering of $750 million in aggregate principal amount of 7.500% senior secured first lien notes due 2034, according to a company statement. The notes were issued at par.

The company is using the net proceeds to redeem $675 million of outstanding principal of its 10.500% senior secured first lien notes due 2029, repay $21 million in outstanding borrowings under its revolving credit facility, and pay fees and expenses related to the offering, including the call premium and accrued interest on the notes being redeemed.

Following the expected redemption of the 2029 notes on Aug. 27, 2026, Gray Media expects $350 million in principal of the 2029 notes to remain outstanding.

The new notes are guaranteed on a senior secured first lien basis by each existing and future restricted subsidiary of Gray Media that guarantees its existing senior credit facility. Interest accrues from Aug. 21, 2026, and is payable semiannually on March 15 and September 15 each year, beginning March 15, 2027. The notes mature on Sept. 15, 2034.

The notes were offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S, and have not been registered under the Securities Act of 1933.

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