Gray Media Issues $750 Million 7.500% First-Lien Notes Due 2034 to Refinance Debt

Gray Media (GTN, GTN.A) closed a $750M offering of 7.5% senior secured notes due 2034. Proceeds will refinance $675M of 10.5% notes due 2029, reducing annual interest costs by $20.3M and improving balance-sheet flexibility. The company also plans to repay $21M in revolving credit borrowings and cover related fees.

Gray Media (GTN) closed a $750M offering of 7.500% senior secured notes due 2034. Proceeds will redeem $675M of higher-interest 10.500% notes due 2029, repay $21M of revolving credit, and cover fees. After redemption, $350M of 2029 notes will remain. Notes were sold to institutional buyers under Rule 144A and Regulation S.

Gray Media (NYSE) priced $750M of 7.5% senior secured first lien notes due 2034 at par. Proceeds will redeem part of its 10.5% notes due 2029, repay credit facility borrowings, and cover offering fees. The offering is expected to close on 8/21, subject to conditions.

Gray Media (GTN) shares rose 0.6% to $5.01. Q2 political ad revenue was $83M, but interest expense was $117M. Total revenue rose 9% to $839M, with adjusted EBITDA up 27%. AdImpact forecasts a record $11.6B U.S. election-ad cycle. Gray's high debt levels may limit equity upside.

Gray Media priced $750M of 7.500% senior secured first lien notes due 2034. Proceeds will redeem part of 10.500% notes due 2029, repay revolver borrowings, and cover fees/expenses. The notes are guaranteed by existing and future restricted subsidiaries and were offered privately. The closing is expected on August 21, 2026, subject to customary conditions.

Gray Media (GTN) priced a $750M offering of 7.500% senior secured notes due 2034. Proceeds will redeem part of its 10.500% 2029 notes, repay credit facility debt, and cover offering fees. The offering is set to close August 21, 2026, subject to conditions.