Gray Announces Private Offering of Senior Secured First Lien Notes
Gray Media (NYSE:GTN) has announced a private offering of up to $700 million in senior secured first lien notes due 2033. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.
The company plans to use the net proceeds, along with borrowings from its revolving credit facility, to repay portions of its term loan D (due December 2028) and term loan F (due June 2029). The notes will be guaranteed by Gray's existing and future restricted subsidiaries that guarantee its current senior credit facility.
Gray Media (NYSE:GTN) ha annunciato un'offerta privata fino a 700 milioni di dollari in obbligazioni senior garantite di primo grado con scadenza nel 2033. Le obbligazioni saranno offerte esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A e a soggetti non statunitensi secondo il Regolamento S del Securities Act.
L'azienda intende utilizzare il ricavato netto, insieme ai prestiti dalla sua linea di credito revolving, per rimborsare parte del prestito a termine D (scadenza dicembre 2028) e del prestito a termine F (scadenza giugno 2029). Le obbligazioni saranno garantite dalle sussidiarie limitate esistenti e future di Gray che garantiscono la sua attuale struttura di credito senior.
Gray Media (NYSE:GTN) ha anunciado una oferta privada de hasta 700 millones de dólares en notas senior garantizadas de primer grado con vencimiento en 2033. Las notas se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Reglamento S de la Ley de Valores.
La compañía planea utilizar los ingresos netos, junto con préstamos de su línea de crédito revolvente, para pagar partes de su préstamo a plazo D (vencimiento diciembre de 2028) y préstamo a plazo F (vencimiento junio de 2029). Las notas estarán garantizadas por las subsidiarias restringidas existentes y futuras de Gray que garantizan su actual facilidad de crédito senior.
Gray Media (NYSE:GTN)는 2033년 만기인 최대 7억 달러 규모의 선순위 담보 채권을 비공개로 발행한다고 발표했습니다. 이 채권은 증권법의 규칙 144A에 따른 적격 기관 투자자와 규정 S에 따른 비미국인에게만 독점적으로 제공됩니다.
회사는 순수익과 회전 신용 시설에서의 차입금을 함께 사용하여 2028년 12월 만기인 D차입금과 2029년 6월 만기인 F차입금 일부를 상환할 계획입니다. 이 채권은 Gray가 현재 보유한 선순위 신용 시설을 보증하는 기존 및 미래의 제한 자회사들이 보증합니다.
Gray Media (NYSE:GTN) a annoncé une émission privée pouvant atteindre 700 millions de dollars en obligations senior garanties de premier rang arrivant à échéance en 2033. Ces obligations seront proposées exclusivement à des investisseurs institutionnels qualifiés selon la règle 144A et à des personnes non américaines conformément au règlement S du Securities Act.
La société prévoit d'utiliser le produit net, ainsi que les emprunts de sa facilité de crédit renouvelable, pour rembourser une partie de son prêt à terme D (échéance décembre 2028) et du prêt à terme F (échéance juin 2029). Les obligations seront garanties par les filiales restreintes existantes et futures de Gray qui garantissent également sa facilité de crédit senior actuelle.
Gray Media (NYSE:GTN) hat eine Privatplatzierung von bis zu 700 Millionen US-Dollar in vorrangigen besicherten First-Lien-Anleihen mit Fälligkeit 2033 angekündigt. Die Anleihen werden ausschließlich qualifizierten institutionellen Käufern gemäß Regel 144A und Nicht-US-Personen gemäß Regulation S des Securities Act angeboten.
Das Unternehmen plant, die Nettoerlöse zusammen mit Krediten aus seiner revolvierenden Kreditfazilität zu verwenden, um Teile seines Terminkredits D (Fälligkeit Dezember 2028) und Terminkredits F (Fälligkeit Juni 2029) zurückzuzahlen. Die Anleihen werden von Grays bestehenden und zukünftigen beschränkten Tochtergesellschaften garantiert, die auch die aktuelle vorrangige Kreditfazilität absichern.
- Potential improvement in debt structure through refinancing of existing term loans
- Extended debt maturity to 2033 through the new notes offering
- Additional financial flexibility through revolving credit facility utilization
- Increased debt obligations through new $700 million notes offering
- Potential impact on interest expenses depending on new notes' terms
- Continued reliance on debt financing for operations
Insights
Gray Media's $700M debt refinancing aims to restructure existing loans, potentially improving their debt profile and extending maturity dates.
Gray Media's announcement of a
This refinancing strategy is notable for two key aspects. First, by replacing term loans with senior secured first lien notes, Gray is likely responding to the current interest rate environment and potentially securing more favorable terms. Second, the extended maturity to 2033 provides Gray with greater financial flexibility and reduces near-term refinancing pressures.
The private placement approach, targeting qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S, is standard for these transactions and allows Gray to avoid the more extensive registration requirements of public offerings while still accessing institutional capital markets. The first lien position and subsidiary guarantees provide security for lenders while maintaining Gray's existing corporate debt structure.
While the announcement doesn't specify the interest rate on the new notes, this refinancing appears to be a proactive liability management exercise to optimize Gray's debt profile rather than an expansion of their total debt burden. The market's reception to this offering will provide insights into investor confidence in Gray's financial health and future prospects.
ATLANTA, July 22, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) announced today that it intends to offer up to
Gray intends to use the net proceeds of the offering, together with borrowings under Gray’s revolving credit facility, to (i) repay a portion of Gray’s term loan D due December 1, 2028 and (ii) repay a portion of Gray’s term loan F due June 4, 2029.
The notes will be 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.
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, 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 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 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 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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FAQ
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