Gray Announces Closing of Offering of $750 Million of 7.500% Senior Secured First Lien Notes due 2034
Rhea-AI Summary
Gray Media (NYSE: GTN) has closed its previously announced offering of $750 million aggregate principal amount of 7.500% senior secured first lien notes due 2034, issued at par. Net proceeds will fund the redemption of $675 million of 10.500% senior secured first lien notes due 2029, repay $21 million under its revolving credit facility, and cover related fees and expenses.
Following the expected August 27, 2026 redemption, Gray anticipates $350 million of 2029 notes will remain outstanding. The new notes are guaranteed on a senior secured first lien basis by restricted subsidiaries that guarantee Gray’s senior credit facility, bear interest from August 21, 2026, payable semiannually starting March 15, 2027, and mature on September 15, 2034. The notes were privately placed to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S.
Positive
- $750 million 7.500% senior secured notes due 2034 issued at par
- Proceeds to redeem $675 million of higher‑coupon 10.500% 2029 notes
- Repayment of $21 million outstanding borrowings under revolving credit facility
- Debt maturity profile extended to September 15, 2034 for new notes
Negative
- Company expects to retain $350 million principal of 10.500% 2029 notes outstanding after redemption
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 01 | First-lien notes offering | Positive | +0.5% | Closed $70 million notes issuance and funded acquisition plus preferred-share repurchase |
| Dec 12 | Second-lien notes offering | Negative | -3.8% | Closed $250 million additional notes issuance to redeem 2029 notes and cover fees |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Offering-tagged reactions were mixed, with one positive and one negative response, averaging -1.63%.
Key Terms
senior secured first lien notes financial
rule 144a regulatory
regulation s regulatory
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATLANTA, Aug. 21, 2026 (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 to (i) redeem
Upon the consummation of the redemption of the 2029 Notes, which is expected to be on August 27, 2026, using the net proceeds referenced above, the Company expects to have remaining
The Notes are guaranteed, jointly and severally, on a senior secured first 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 August 21, 2026 and is payable semiannually, on March 15 and September 15 of each year, commencing March 15, 2027. The Notes mature on September 15, 2034.
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.
This press release does not constitute an offer to purchase, a notice of redemption or a solicitation of an offer to purchase any of the 2029 Notes.
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 the intended use of proceeds of the offering, Gray’s ability to consummate the redemption of 2029 Notes 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
Alan Gould, Vice President, Investor Relations, 404-266-8333
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