1. Gray Media announces $250 million offering of senior secured second lien notes. 2. The new notes are part of a $900 million existing issuance. 3. Proceeds will redeem existing higher-interest first lien notes. 4. Offering expected to close on December 12, 2025. 5. The notes have a fixed interest of 9.625% until 2032.
FAQ
Why Bullish?
The private placement could strengthen GTN's balance sheet by refinancing higher-cost debt. Historically, similar actions have led to increased investor confidence.
How important is it?
The offering indicates proactive financial management, reducing future interest burdens and enhancing cash flow visibility.
Why Short Term?
Investors might react immediately to refinancing lower interest costs, boosting short-term valuation. Historically, new offerings prompt immediate market responses.
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Gray Media Announces $250 Million Private Placement of Senior Secured Notes (GTN)
ATLANTA, Dec. 08, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) has entered into purchase agreements with accredited investors for a private placement of $250 million in 9.625% senior secured second lien notes due 2032. This noteworthy transaction will enhance the company’s financial structure and support its corporate objectives.
Details of the Additional Notes Offering
The newly issued Additional Notes will rank equally with Gray's previously issued $900 million in 9.625% Senior Secured Second Lien Notes that were released in July 2025. According to the terms of the Purchase Agreements, the Additional Notes will be issued at 102.000% of par, along with accrued interest from July 18, 2025. The offering is anticipated to close on December 12, 2025, contingent upon customary closing conditions.
Purpose of the Offering
The proceeds from this offering aim to achieve multiple financial objectives, including:
- Redeeming a portion of the outstanding 10.500% Senior Secured First Lien Notes due 2029
- Covering fees and expenses related to the offering
- Funding general corporate purposes
Regulatory Compliance and Risk Factors
The Additional Notes and associated guarantees will be sold in reliance on an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, and relevant provisions of Regulation D. As a result, these securities have not been registered and cannot be offered or sold in the U.S. without proper registration or an applicable exemption.
Forward-Looking Statements
This announcement includes forward-looking statements, which reflect Gray's present expectations and are based on various estimates. These statements may include terms such as “estimate,” “expect,” and “anticipate,” and are inherently subject to risks and uncertainties that could cause actual results to differ.
Gray's reports filed with the Securities and Exchange Commission provide a detailed analysis of potential risks, which are also available on the company’s website at www.graymedia.com.
Contact Information
For further inquiries, contact:
- Jeffrey R. Gignac, Executive Vice President and Chief Financial Officer, 404-504-9828
- Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333