Gray Media, Inc Issues $750M Notes to Retire High-Interest Debt

By Philip Seaworth • Sunday, August 23 16:02 • Permanent Link

Gray Media has completed a $750 million offering of 7.500% senior secured first lien notes due 2034, issuing the notes at par.

The company said the proceeds are being used to redeem $675 million of its 10.500% senior secured first lien notes due 2029, repay $21 million of borrowings under its revolving credit facility, and cover fees and expenses tied to the deal, including the call premium and accrued interest on the notes being redeemed.

After the redemption, expected on August 27, 2026, Gray said it will still have $350 million of the 2029 notes outstanding.

The new notes carry a lower coupon than the 2029 notes they are replacing: 7.500% versus 10.500%, a difference of 300 basis points. The new debt matures in 2034, five years after the 2029 notes. Interest begins accruing August 21, 2026, with semiannual payments starting March 15, 2027. Following these announcements, the company's shares moved 0.61%, and are now trading at a price of $4.94. For more information, read the company's full 8-K submission here.

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