Gray Announces Closing of Offering of $900 Million of 9.625% Senior Secured Second Lien Notes due 2032
Gray Media (NYSE: GTN) has successfully completed its offering of $900 million in senior secured second lien notes, due 2032, with a 9.625% interest rate. The notes were issued at par, with interest payments scheduled semiannually starting January 15, 2026.
The proceeds, combined with revolving credit facility borrowings, will be used to redeem Gray's outstanding 7.000% senior notes due 2027, repay $402.5 million of Term Loan F (leaving $90 million outstanding), and cover offering expenses. The notes are guaranteed by Gray's restricted subsidiaries and were offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
Gray Media (NYSE: GTN) ha completato con successo l'emissione di 900 milioni di dollari in obbligazioni senior garantite di secondo grado, con scadenza nel 2032, e un tasso di interesse del 9,625%. Le obbligazioni sono state emesse a valore nominale, con pagamenti degli interessi previsti ogni sei mesi a partire dal 15 gennaio 2026.
I proventi, uniti ai finanziamenti tramite la linea di credito revolving, saranno utilizzati per rimborsare le obbligazioni senior in circolazione di Gray con tasso 7,000% e scadenza 2027, estinguere 402,5 milioni di dollari del Term Loan F (lasciando un residuo di 90 milioni di dollari) e coprire le spese dell’offerta. Le obbligazioni sono garantite dalle controllate vincolate di Gray e sono state offerte esclusivamente a investitori istituzionali qualificati ai sensi della Rule 144A e a soggetti non statunitensi secondo il Regulation S.
Gray Media (NYSE: GTN) ha completado con éxito la emisión de 900 millones de dólares en notas senior garantizadas de segundo gravamen, con vencimiento en 2032 y una tasa de interés del 9.625%. Las notas se emitieron a la par, con pagos de intereses programados semestralmente a partir del 15 de enero de 2026.
Los ingresos, junto con los préstamos de la línea de crédito revolvente, se utilizarán para redimir las notas senior pendientes de Gray al 7.000% con vencimiento en 2027, pagar 402.5 millones de dólares del Préstamo a Plazo F (dejando 90 millones de dólares pendientes) y cubrir los gastos de la oferta. Las notas están garantizadas por las subsidiarias restringidas de Gray y se ofrecieron exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Reglamento S.
Gray Media (NYSE: GTN)는 만기 2032년, 9.625% 이자율의 9억 달러 규모의 선순위 담보 2순위 채권 발행을 성공적으로 완료했습니다. 채권은 액면가로 발행되었으며, 이자 지급은 2026년 1월 15일부터 반기별로 이루어집니다.
조달 자금은 회전 신용 한도 대출과 함께 사용되어 Gray의 2027년 만기 7.000% 선순위 채권 상환, 4억 250만 달러 규모의 Term Loan F 상환(잔액 9천만 달러 유지), 그리고 발행 비용 충당에 쓰일 예정입니다. 이 채권들은 Gray의 제한된 자회사들이 보증하며, Rule 144A에 따른 적격 기관 투자자 및 Regulation S에 따른 비미국인에게만 제공되었습니다.
Gray Media (NYSE : GTN) a réussi l'émission de 900 millions de dollars en obligations senior garanties de second rang, échéance 2032, avec un taux d'intérêt de 9,625%. Les obligations ont été émises au pair, avec des paiements d'intérêts semestriels à partir du 15 janvier 2026.
Les fonds, combinés aux emprunts sur la facilité de crédit renouvelable, serviront à racheter les obligations senior en circulation de Gray à 7,000% échéance 2027, rembourser 402,5 millions de dollars du prêt à terme F (laissant un solde de 90 millions de dollars) et couvrir les frais liés à l'offre. Les obligations sont garanties par les filiales restreintes de Gray et ont été proposées exclusivement à des acheteurs institutionnels qualifiés selon la règle 144A et à des personnes non américaines selon le règlement S.
Gray Media (NYSE: GTN) hat erfolgreich eine Emission von 900 Millionen US-Dollar in vorrangigen besicherten zweitrangigen Schuldverschreibungen mit Fälligkeit 2032 und einem Zinssatz von 9,625% abgeschlossen. Die Anleihen wurden zum Nennwert ausgegeben, mit halbjährlichen Zinszahlungen ab dem 15. Januar 2026.
Die Erlöse, zusammen mit Krediten aus der revolvierenden Kreditfazilität, werden verwendet, um die ausstehenden 7,000% Senior Notes von Gray mit Fälligkeit 2027 zurückzuzahlen, 402,5 Millionen US-Dollar des Term Loan F zu tilgen (wobei 90 Millionen US-Dollar verbleiben) und die Emissionskosten zu decken. Die Anleihen sind durch Gray's beschränkte Tochtergesellschaften garantiert und wurden ausschließlich qualifizierten institutionellen Käufern gemäß Rule 144A sowie Nicht-US-Personen gemäß Regulation S angeboten.
- Successfully raised $900 million through senior secured notes offering
- Restructuring debt portfolio with longer maturity date (2032)
- Reduced Term Loan F balance significantly from $492.5M to $90M
- Higher interest rate of 9.625% compared to previous 7.000% notes
- Increased debt service costs due to higher interest rate
- Additional borrowing from revolving credit facility required
Insights
Gray Media refinanced debt with higher-interest notes while reducing term loan exposure, pointing to strategic liability management despite increased borrowing costs.
Gray Media has completed a
The
By substantially reducing the Term Loan F, Gray is decreasing its exposure to potentially variable-rate debt while shifting toward fixed-rate notes. This suggests a defensive liability management strategy to lock in rates for a longer period, though at a higher cost. The second lien position of these notes indicates they're subordinated to first-lien debt in the capital structure but senior to unsecured obligations, representing a middle-tier security for investors with corresponding pricing.
The offering being limited to qualified institutional buyers under Rule 144A indicates this was a private placement rather than a registered public offering, allowing the company to avoid certain SEC registration requirements while still accessing institutional capital markets.
ATLANTA, July 18, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today that it has completed its previously announced offering of
The net proceeds from the Notes are being used, together with borrowings under its revolving credit facility, to (i) redeem all of Gray’s outstanding
The Notes are 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.
Interest on the Notes accrues from July 18, 2025 and is payable semiannually, on January 15 and July 15 of each year, commencing January 15, 2026. The Notes mature on July 15, 2032.
The Notes and related guarantees have not been, and will not be, registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes were offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.
Forward-Looking Statements:
This press release contains certain forward-looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “intend,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s ability to consummate the senior credit facility refinancing; the intended use of proceeds of the offering and the senior credit facility refinancing; and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.graymedia.com. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.
Gray Contacts:
Jeffrey R. Gignac, Executive Vice President, Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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FAQ
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