Gray Media issues $900M of 9.625% second lien notes due 2032; upsizes revolver to $750M

GRAY MEDIA, INC

Issued $900M of 9.625% senior secured second lien notes due July 15, 2032 at par.
Proceeds used to redeem all 7.000% senior notes due 2027 and repay $402.5M of term loan F.
Revolving credit facility increased by $50M to $750M; maturity extended to Dec 1, 2028.
Term loan F balance reduced to $90M; $700M undrawn revolver (excl. ~$8M letters of credit).
Interest on new notes payable semiannually Jan 15/Jul 15, beginning Jan 15, 2026.

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