Gray Television prices $1.25B 10.500% senior secured notes due 2029, upsized by $250M

GRAY MEDIA, INC

Offering upsized to $1.25B from $1.0B, priced at par with 10.500% coupon due 2029.
Proceeds to refinance $1.2B tranche E term loan due Jan 2026 and repay 5.875% senior notes due 2026.
Closing expected on June 3, 2024, subject to customary conditions.
Notes are senior secured first lien, guaranteed by restricted subsidiaries.
Combined with $500M new tranche F term loan and revolving credit facility for refinancing.

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