Gray Media Inc. (NYSE: GTN) has completed a $750 million debt refinancing through the issuance of senior secured first lien notes due September 15, 2034, at an interest rate of 7.500%.
The new notes, issued at par, will accrue interest from the settlement date and pay semiannually beginning March 15, 2027. The issuance is guaranteed on a senior secured first lien basis by Gray Media’s existing and future restricted subsidiaries that support the company’s senior credit facility.
Proceeds from the refinancing will be used to redeem $675 million of its outstanding 10.500% senior secured first lien notes due 2029, repay $21 million under its revolving credit facility, and cover transaction fees, call premiums, and accrued interest. Following the redemption, scheduled for August 27, 2026, approximately $350 million in principal of the 2029 notes will remain outstanding.
The new debt offering was not registered under the U.S. Securities Act of 1933 and was placed exclusively with qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S.
