Gray Television announces $1B senior secured notes offering to refinance debt

GRAY MEDIA, INC

Offering $1B senior secured notes due 2029; also $750M new term loan F due 2029.
Proceeds to refinance $1.2B tranche E term loan due 2026 and repurchase 5.875% senior notes due 2026.
Revolving credit facility increased by $55M to $680M; $72.5M tranche maturing 2026 terminated.
Offering conditional on credit agreement refinancing; subject to market conditions.

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