Gray Media, Inc. has commenced a private offering of $750 million in senior secured notes due 2034. The company intends to use the net proceeds primarily to refinance a portion of its existing higher-interest debt, specifically its 10.500% senior notes due 2029, and to repay borrowings on its revolving credit facility.
Key Details
- New Offering: The company is offering $750 million aggregate principal amount of senior secured first lien notes due 2034.
- Debt Redemption: Net proceeds will be used to redeem $675 million of its outstanding 10.500% senior secured notes due 2029. The conditional redemption is scheduled for August 27, 2026.
- Redemption Terms: The 2029 notes will be redeemed at 105.250% of the principal amount, plus accrued and unpaid interest. The redemption is contingent upon the successful closing of the new notes offering.