Gray Announces Upsizing and Pricing of $775 Million of 7.250% Senior Secured First Lien Notes due 2033
Gray Media (NYSE: GTN) has announced the pricing of $775 million in senior secured first lien notes due 2033, representing a $75 million increase from the previously announced amount. The notes carry a 7.250% interest rate and were priced at 100% of par.
The offering, expected to close on July 25, 2025, will be used to repay portions of Gray's term loans D and F, clear outstanding revolving credit facility debt, cover offering expenses, and support general corporate purposes. 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 il prezzo di 775 milioni di dollari in obbligazioni senior garantite di primo grado con scadenza 2033, rappresentando un aumento di 75 milioni di dollari rispetto all'importo precedentemente comunicato. Le obbligazioni hanno un tasso di interesse del 7,250% e sono state quotate al 100% del valore nominale.
L'offerta, che si prevede si concluda il 25 luglio 2025, sarà utilizzata per rimborsare parte dei prestiti a termine D e F di Gray, estinguere il debito residuo della linea di credito revolving, coprire le spese dell'offerta e sostenere finalità aziendali generali. Le obbligazioni saranno garantite dalle controllate esistenti e future di Gray, soggette a restrizioni, che garantiscono la sua attuale linea di credito senior.
Gray Media (NYSE: GTN) ha anunciado la fijación del precio de 775 millones de dólares en bonos senior garantizados de primer grado con vencimiento en 2033, representando un aumento de 75 millones de dólares respecto a la cantidad anunciada previamente. Los bonos tienen una tasa de interés del 7,250% y se fijaron al 100% del valor nominal.
La oferta, que se espera cierre el 25 de julio de 2025, se utilizará para pagar partes de los préstamos a plazo D y F de Gray, liquidar la deuda pendiente de la línea de crédito revolvente, cubrir los gastos de la oferta y apoyar propósitos corporativos generales. Los bonos estarán garantizados por las subsidiarias restringidas actuales y futuras de Gray que garantizan su actual línea de crédito senior.
Gray Media (NYSE: GTN)는 2033년 만기인 7억 7,500만 달러 규모의 선순위 담보채권 발행 가격을 발표했으며, 이는 이전에 발표된 금액보다 7,500만 달러 증가한 금액입니다. 이 채권은 7.250% 이자율로 액면가 100%에 가격이 책정되었습니다.
이번 공모는 2025년 7월 25일에 마감될 예정이며, Gray의 D 및 F 차입금 일부 상환, 미결제 회전 신용 대출 부채 청산, 공모 비용 충당 및 일반 기업 목적 지원에 사용될 예정입니다. 이 채권들은 Gray의 현재 선순위 신용 시설을 보증하는 기존 및 미래의 제한된 자회사들이 보증합니다.
Gray Media (NYSE : GTN) a annoncé la tarification de 775 millions de dollars en billets seniors garantis de premier rang échéant en 2033, ce qui représente une augmentation de 75 millions de dollars par rapport au montant précédemment annoncé. Les billets portent un taux d'intérêt de 7,250% et ont été tarifés à 100 % de leur valeur nominale.
L'offre, dont la clôture est prévue pour le 25 juillet 2025, servira à rembourser une partie des prêts à terme D et F de Gray, à solder la dette en cours sur la facilité de crédit renouvelable, à couvrir les frais de l'offre et à soutenir les fins générales de l'entreprise. Les billets seront garantis par les filiales restreintes actuelles et futures de Gray qui garantissent sa facilité de crédit senior actuelle.
Gray Media (NYSE: GTN) hat die Preisfestsetzung von 775 Millionen US-Dollar an vorrangigen besicherten First-Lien-Anleihen mit Fälligkeit 2033 bekannt gegeben, was eine Erhöhung um 75 Millionen US-Dollar gegenüber dem zuvor angekündigten Betrag darstellt. Die Anleihen tragen einen Zinssatz von 7,250% und wurden zu 100 % des Nennwerts begeben.
Das Angebot, dessen Abschluss für den 25. Juli 2025 erwartet wird, soll zur Rückzahlung von Teilen der Terminkredite D und F von Gray, zur Tilgung ausstehender revolvierender Kreditfazilitäten, zur Deckung der Angebotskosten und zur Unterstützung allgemeiner Unternehmenszwecke verwendet werden. Die Anleihen werden von Grays bestehenden und zukünftigen eingeschränkten Tochtergesellschaften garantiert, die auch seine aktuelle vorrangige Kreditfazilität absichern.
- Successful upsizing of the offering by $75 million indicates strong investor demand
- Strategic debt refinancing could improve debt structure and maturity profile
- 100% par pricing suggests favorable market reception
- High interest rate of 7.250% represents significant borrowing cost
- Additional secured debt could limit future financing flexibility
- Increased debt burden may impact company's financial leverage
Insights
Gray Media's $775M note issuance restructures debt with longer maturity at 7.25%, improving financial flexibility but maintaining high leverage.
Gray Media has upsized its offering of senior secured first lien notes to
This transaction is essentially a debt refinancing operation rather than new borrowing. The proceeds will be used to repay portions of Gray's term loans D and F (due 2028 and 2029 respectively), clear outstanding revolving credit facility debt, cover offering expenses, and support general corporate purposes.
The financial engineering here extends Gray's debt maturity profile from loans due in 2028-2029 to notes maturing in 2033, providing approximately 4-5 years of additional financial runway. However, the
What's notable is that Gray is maintaining its debt load rather than reducing leverage, suggesting the company continues to operate with significant financial obligations. The company is using secured first lien notes, meaning these obligations are backed by collateral and have priority claim on company assets in case of default, which helps explain how they secured this rate despite their debt level.
The transaction appears to be a proactive refinancing move to restructure the company's debt stack while extending maturities, giving management more breathing room for strategic initiatives without immediate repayment pressures from the 2028-2029 maturities.
ATLANTA, July 22, 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 to (i) repay a portion of Gray’s term loan D due December 1, 2028, (ii) repay a portion of Gray’s term loan F due June 4, 2029, (iii) repay all outstanding indebtedness drawn under Gray's revolving credit facility, (iv) pay fees and expenses in connection with the offering, and (v) for general corporate purposes.
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 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 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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