Gray Announces Closing of Offering of $775 Million of 7.250% Senior Secured First Lien Notes due 2033
Gray Media (NYSE: GTN) has successfully completed its offering of $775 million in senior secured first lien notes, due 2033, with a 7.250% interest rate. The notes were issued at par, with interest payments scheduled semiannually starting February 15, 2026.
The net proceeds were strategically deployed to refinance existing debt: $630 million to Term Loan D (leaving $739 million outstanding), $80 million to Term Loan F (reducing it to $10 million), and $50 million to clear the Revolving Credit Facility (providing $750 million in undrawn availability). 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 775 milioni di dollari in obbligazioni senior garantite di primo grado, con scadenza nel 2033 e un tasso di interesse del 7,250%. Le obbligazioni sono state emesse a valore nominale, con pagamenti degli interessi previsti semestralmente a partire dal 15 febbraio 2026.
I proventi netti sono stati utilizzati strategicamente per rifinanziare il debito esistente: 630 milioni di dollari per il Term Loan D (che rimane con un saldo di 739 milioni), 80 milioni di dollari per il Term Loan F (riducendolo a 10 milioni) e 50 milioni di dollari per estinguere la linea di credito revolving (che ora offre una disponibilità non utilizzata di 750 milioni). Le obbligazioni sono garantite dalle controllate restrittive di Gray e sono state offerte esclusivamente a investitori istituzionali qualificati secondo la Rule 144A e a soggetti non statunitensi secondo il Regulation S.
Gray Media (NYSE: GTN) ha completado con éxito la emisión de 775 millones de dólares en bonos senior garantizados de primer grado, con vencimiento en 2033 y una tasa de interés del 7,250%. Los bonos se emitieron a la par, con pagos de intereses programados semestralmente a partir del 15 de febrero de 2026.
Los ingresos netos se destinaron estratégicamente a refinanciar la deuda existente: 630 millones de dólares para el Préstamo a Plazo D (quedando un saldo pendiente de 739 millones), 80 millones de dólares para el Préstamo a Plazo F (reduciéndolo a 10 millones) y 50 millones de dólares para liquidar la Línea de Crédito Revolvente (proporcionando una disponibilidad no utilizada de 750 millones). Los bonos están garantizados 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 2033년, 7.250% 이자율의 7억 7,500만 달러 규모의 선순위 담보 채권 발행을 성공적으로 완료했습니다. 채권은 액면가로 발행되었으며, 이자 지급은 2026년 2월 15일부터 반기별로 예정되어 있습니다.
순수익은 기존 부채 재융자에 전략적으로 사용되었습니다: 6억 3,000만 달러는 Term Loan D에 사용되어 잔액 7억 3,900만 달러가 남았으며, 8,000만 달러는 Term Loan F에 투입되어 1,000만 달러로 감소시켰고, 5,000만 달러는 리볼빙 신용 한도를 상환하는 데 사용되어 7억 5,000만 달러의 미사용 가능액을 확보했습니다. 채권은 Gray의 제한 자회사들이 보증하며, Rule 144A에 따른 자격을 갖춘 기관 투자자와 Regulation S에 따른 비미국인에게만 독점적으로 제공되었습니다.
Gray Media (NYSE : GTN) a réussi son émission de 775 millions de dollars en obligations senior garanties de premier rang, arrivant à échéance en 2033, avec un taux d’intérêt de 7,250%. Les obligations ont été émises à leur valeur nominale, avec des paiements d’intérêts semestriels à partir du 15 février 2026.
Le produit net a été utilisé stratégiquement pour refinancer la dette existante : 630 millions de dollars pour le Term Loan D (laissant un solde de 739 millions), 80 millions de dollars pour le Term Loan F (le réduisant à 10 millions) et 50 millions de dollars pour solder la facilité de crédit renouvelable (fournissant une disponibilité non utilisée de 750 millions). Les obligations sont garanties par les filiales restreintes de Gray et ont été offertes exclusivement aux investisseurs institutionnels qualifiés selon la Rule 144A et aux personnes non américaines selon le Regulation S.
Gray Media (NYSE: GTN) hat erfolgreich eine Emission von 775 Millionen US-Dollar in vorrangigen besicherten First-Lien-Anleihen mit Fälligkeit 2033 und einem Zinssatz von 7,250% abgeschlossen. Die Anleihen wurden zum Nennwert ausgegeben, mit halbjährlichen Zinszahlungen ab dem 15. Februar 2026.
Die Nettoerlöse wurden strategisch zur Refinanzierung bestehender Schulden verwendet: 630 Millionen US-Dollar zur Tilgung von Term Loan D (Verbleibende Restschuld 739 Millionen), 80 Millionen US-Dollar zur Reduzierung von Term Loan F auf 10 Millionen und 50 Millionen US-Dollar zur Ablösung der revolvierenden Kreditfazilität (mit nun 750 Millionen ungenutztem Kreditrahmen). 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.
- Successful completion of $775 million notes offering strengthens debt structure
- Complete repayment of Revolving Credit Facility provides $750 million in available credit
- Extended debt maturity to 2033 through new notes offering
- Significant reduction in Term Loan F balance from $90 million to $10 million
- High interest rate of 7.250% on new notes may increase interest expenses
- Substantial remaining debt with $739 million still outstanding on Term Loan D
Insights
Gray's $775M debt refinancing extends maturity to 2033, improving liquidity with $750M available on revolver while maintaining similar interest costs.
Gray Media has completed a strategic debt refinancing through a
The
A key positive from this transaction is the improved liquidity position. Gray now has
The company's decision to extend debt maturities makes sense in an uncertain interest rate environment, potentially protecting Gray from refinancing risk in the medium term. By securing these rates now, management has essentially locked in its capital costs for nearly a decade, which creates more predictability for financial planning.
The offering was conducted under Rule 144A and Regulation S, meaning it was limited to qualified institutional buyers and non-U.S. persons, which is standard practice for these types of debt issuances. The semi-annual interest payments beginning February 2026 align with typical corporate debt structures.
ATLANTA, July 25, 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 (i) to repay a portion of Gray’s term loan D due December 1, 2028 (the “Term Loan D”), (ii) to repay a portion of Gray’s term loan F due June 4, 2029 (the “Term Loan F”), (iii) to repay all outstanding indebtedness drawn under Gray’s revolving credit facility (the “Revolving Credit Facility”), (iv) to pay fees and expenses in connection with the offering, and (v) for general corporate purposes.
As a result, Gray used the net proceeds of the Notes to repay:
$630 million of the Term Loan D, leaving an outstanding Term Loan D balance of$739 million ;$80 million of the Term Loan F, leaving an outstanding Term Loan F balance of$10 million ; and- all
$50 million outstanding under the Revolving Credit Facility, leaving$750 million of undrawn availability thereunder (excluding approximately$8 million of outstanding letters of credit).
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 July 25, 2025 and is payable semiannually, on February 15 and August 15 of each year, commencing February 15, 2026. The Notes mature on August 15, 2033.
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 the intended use of proceeds of the offering; 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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