Gray Media Inc. has successfully completed its offering of $900 million in senior secured second lien notes, as announced on July 18, 2025. These notes come with an interest rate of 9.625% and are set to mature on July 15, 2032. The issuance was carried out at par value. The proceeds from this offering will be utilized to redeem Gray's outstanding 7.000% senior notes due in 2027, repay a portion of the company's Term Loan F, and cover related fees and expenses. The notes are guaranteed on a senior secured second lien basis by Gray's existing and future restricted subsidiaries. Interest on these notes will be paid semiannually, starting January 15, 2026.
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