Gray Media issues $750M of 7.5% senior secured notes due 2034 to refinance 2029 notes

GRAY MEDIA, INC

Issued $750M aggregate principal of 7.500% senior secured first lien notes due 2034, priced at par.
Net proceeds will redeem $675M of 10.500% notes due 2029, repay $21M of revolver borrowings, and pay fees.
Redemption of 2029 notes expected Aug 27, 2026; $350M of 2029 notes expected to remain outstanding.
Notes mature Sep 15, 2034; interest payable semi-annually Mar 15 and Sep 15, first on Mar 15, 2027.
Notes offered unregistered under Rule 144A and Regulation S to qualified institutional buyers.

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