Gray Media, Inc. has issued $750 million of 7.500% senior secured first lien notes due 2034. The net proceeds from this offering are primarily being used to refinance existing, higher-cost debt and repay outstanding borrowings under its revolving credit facility, a move expected to reduce interest expenses and extend debt maturities.
Key Details
- Offering: The company issued $750 million in aggregate principal amount of 7.500% senior secured notes, which mature on September 15, 2034.
- Use of Proceeds: The proceeds will be used to redeem $675 million of its 10.500% senior notes due 2029, repay $21 million under its revolving credit facility, and cover associated fees and expenses.
- Financial Impact: This transaction replaces higher-interest (10.500%) debt maturing in 2029 with lower-interest (7.500%) debt maturing in 2034, extending the company's debt profile and lowering its cost of capital.