Gray Announces Upsizing and Pricing of $900 Million of 9.625% Senior Secured Second Lien Notes due 2032
Gray Media (NYSE: GTN) has announced the pricing of $900 million in senior secured second lien notes due 2032, representing a $150 million increase from the previously announced amount. The notes carry a 9.625% interest rate and were priced at 100% of par.
The offering, expected to close on July 18, 2025, will be used to redeem Gray's outstanding 7.000% senior notes due 2027, repay a portion of the term loan F due June 2029, and cover related fees. The notes will be guaranteed by Gray's restricted subsidiaries and offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
Gray Media (NYSE: GTN) ha annunciato il prezzo di 900 milioni di dollari in obbligazioni senior garantite di secondo grado con scadenza nel 2032, rappresentando un aumento di 150 milioni di dollari rispetto all'importo precedentemente comunicato. Le obbligazioni prevedono un tasso di interesse del 9,625% e sono state quotate al 100% del valore nominale.
L'offerta, che si prevede si concluda il 18 luglio 2025, sarà utilizzata per rimborsare le obbligazioni senior in circolazione di Gray con tasso 7,000% e scadenza 2027, per estinguere una parte del prestito a termine F con scadenza giugno 2029, e per coprire le spese correlate. Le obbligazioni saranno garantite dalle controllate vincolate di Gray e offerte esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A e a soggetti non statunitensi secondo il Regolamento S.
Gray Media (NYSE: GTN) ha anunciado la fijación del precio de 900 millones de dólares en bonos senior garantizados de segundo gravamen con vencimiento en 2032, lo que representa un aumento de 150 millones de dólares respecto a la cantidad previamente anunciada. Los bonos tienen una tasa de interés del 9,625% y se cotizaron al 100% del valor nominal.
La oferta, que se espera cierre el 18 de julio de 2025, se utilizará para redimir los bonos senior pendientes de Gray con tasa del 7,000% y vencimiento en 2027, para pagar una parte del préstamo a plazo F con vencimiento en junio de 2029, y para cubrir los gastos relacionados. Los bonos estarán garantizados por las subsidiarias restringidas de Gray y se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Reglamento S.
Gray Media (NYSE: GTN)는 2032년 만기인 9억 달러 규모의 선순위 담보 제2유치권 채권 발행 가격을 확정했다고 발표했으며, 이는 이전에 발표한 금액보다 1억 5천만 달러 증가한 규모입니다. 해당 채권은 9.625%의 이자율을 가지며 액면가 100%로 가격이 책정되었습니다.
이번 발행은 2025년 7월 18일에 마감될 예정이며, Gray의 2027년 만기 7.000% 선순위 채권 상환, 2029년 6월 만기인 F기한부 대출 일부 상환, 그리고 관련 수수료 지급에 사용될 예정입니다. 이 채권들은 Gray의 제한 자회사들이 보증하며, Rule 144A에 따른 적격 기관 투자자 및 Regulation S에 따른 비미국인에게만 독점적으로 제공됩니다.
Gray Media (NYSE : GTN) a annoncé la tarification de 900 millions de dollars en obligations senior garanties de second rang arrivant à échéance en 2032, représentant une augmentation de 150 millions de dollars par rapport au montant précédemment annoncé. Les obligations portent un taux d'intérêt de 9,625% et ont été émises à 100 % de leur valeur nominale.
L'offre, dont la clôture est prévue pour le 18 juillet 2025, servira à rembourser les obligations senior en circulation de Gray à 7,000 % échéant en 2027, à rembourser une partie du prêt à terme F échéant en juin 2029, et à couvrir les frais associés. Les obligations seront garanties par les filiales restreintes de Gray et offertes exclusivement aux investisseurs institutionnels qualifiés selon la règle 144A et aux personnes non américaines selon le règlement S.
Gray Media (NYSE: GTN) hat die Preisfestsetzung für 900 Millionen US-Dollar an vorrangigen besicherten Nachranganleihen mit Fälligkeit 2032 bekanntgegeben, was eine Erhöhung um 150 Millionen US-Dollar gegenüber dem zuvor angekündigten Betrag darstellt. Die Anleihen tragen einen Zinssatz von 9,625% und wurden zu 100% des Nennwerts begeben.
Das Angebot, dessen Abschluss für den 18. Juli 2025 erwartet wird, soll zur Rückzahlung der ausstehenden vorrangigen Anleihen von Gray mit 7,000% Zins und Fälligkeit 2027, zur Tilgung eines Teils des Terminkredits F mit Fälligkeit Juni 2029 sowie zur Deckung damit verbundener Gebühren verwendet werden. Die Anleihen werden von den beschränkten Tochtergesellschaften von Gray garantiert und ausschließlich qualifizierten institutionellen Käufern gemäß Regel 144A sowie Nicht-US-Personen gemäß Regulation S angeboten.
- Successful upsizing of notes offering by $150 million to $900 million total
- Notes were priced at 100% of par, indicating strong market acceptance
- Strategic debt refinancing to optimize capital structure
- Higher interest rate of 9.625% compared to existing 7.000% notes being redeemed
- Increased debt burden with $900 million in new notes
Insights
Gray Media upsized its debt offering to $900M at a higher 9.625% interest rate, indicating increased borrowing costs while restructuring its debt profile.
Gray Media has priced a
The
This refinancing restructures Gray's debt maturity profile by replacing 2027 notes with longer-term 2032 notes, extending their repayment timeline by five years. This provides more financial breathing room but comes at the cost of higher interest rates. Additionally, by repaying a portion of their term loan F due 2029, Gray appears to be strategically realigning their debt obligations.
The secured second lien nature of these notes indicates they're backed by company assets but stand second in line for claims behind their senior credit facility. This structure offers investors some protection while likely allowing Gray to obtain better terms than with unsecured debt. However, the need for asset-backed financing at this interest rate suggests potential constraints in Gray's capital structure flexibility.
ATLANTA, July 08, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today the pricing of its previously announced private offering of
The Notes are being offered, together with borrowings under Gray’s revolving credit facility, to (i) redeem all of Gray’s outstanding
The Notes will be 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.
The Notes and related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release does not constitute a notice of redemption with respect to the 2027 Notes or an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
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 offering of notes, the senior credit facility refinancing or the redemption; 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 and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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