1. Gray Media completed a $250M second lien notes offering. 2. The additional notes have a 9.625% interest rate due 2032. 3. Proceeds will redeem higher-interest debt and support corporate purposes. 4. Notes rank equally with previous issuances, enhancing financial stability. 5. Interest payments on new notes start January 15, 2026.
FAQ
Why Bullish?
The refinancing of high-interest debt reduces financial strain, historically boosting stock performance in similar contexts.
How important is it?
The strategic debt management signals financial health, influencing investor confidence positively.
Why Short Term?
Refinancing effects on balance sheet will show quickly; therefore, short-term benefits expected.
Gray Media Finalizes $250 Million Offering of 9.625% Senior Secured Notes
ATLANTA, Dec. 12, 2025 (GLOBE NEWSWIRE) — Gray Media, Inc. (“Gray”) (NYSE: GTN) has successfully completed its offering of $250,000,000 in additional 9.625% senior secured second lien notes due in 2032. This transaction was established through Purchase Agreements signed on December 5, 2025, between Gray and the involved guarantors and purchasers.
Details of the Offering
The additional notes were issued at a price of 102.000% of their par value, with accrued interest dating back to July 18, 2025. Importantly, these notes will be treated as a single series with the existing $900,000,000 of Gray's earlier issued 9.625% senior secured notes due 2032, collectively referred to as the “Notes.”
Use of Proceeds
The proceeds from this new offering will be allocated as follows:
- To redeem a portion of Gray's 10.500% senior secured first lien notes due 2029
- To cover fees and expenses associated with the offering
- For general corporate purposes
Key Notes on Investment Terms
The Notes are backed by guarantees from both current and future restricted subsidiaries of Gray that are associated with the company's existing senior credit facility. Interest on the Notes will accrue starting from July 18, 2025, and will be payable semiannually, every January 15 and July 15, starting from January 15, 2026. The maturity date for these Notes is set for July 15, 2032.
It is crucial to note that the Notes and their associated guarantees have not been registered under the Securities Act of 1933, meaning they cannot be offered or sold within the United States unless they comply with registration requirements or qualify for an exemption. The offering was made through a private placement under Section 4(a)(2) of the Securities Act and Regulation D.
Forward-Looking Statements
This release contains certain forward-looking statements, reflecting Gray’s expectations and various estimates or assumptions. Words like “estimate,” “expect,” “anticipate,” and similar terms indicate projections that are subject to risks and uncertainties that could result in actual outcomes differing significantly from those expressed.
Potential risks include the intended use of proceeds and other factors that may impact future performance. For more information on risk factors, investors can refer to Gray’s quarterly and annual SEC reports, available on their website, www.graymedia.com.
Company Contacts
For further information, please reach out to:
- Jeffrey R. Gignac, Executive Vice President, Chief Financial Officer, 404-504-9828
- Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333