Gray Media announces private offering of senior secured first lien notes

Gray Media (GTN) intends to offer up to $700M aggregate principal amount of senior secured first lien notes due 2033, subject to market conditions. The offering will be exempt from the registration requirements of the Securities Act of 1933. Gray intends to use the net proceeds of the offering, together with borrowings under Gray’s revolving credit facility, to repay a portion of Gray’s term loan D due December 1, 2028 and 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.