GRAY MEDIA, INC 8-K

What Happened
Gray Media, Inc. announced in an 8‑K filed July 21, 2026 that it repurchased, in a privately negotiated transaction, $100 million aggregate principal of its 10.500% senior secured first‑lien notes due 2029 and $20 million aggregate principal of its 5.375% senior notes due 2031. The company paid par plus accrued and unpaid interest to the repurchase date. The repurchase was funded with available liquidity, including cash on hand and borrowings under Gray Media’s existing revolving credit facility.

Key Details

• Repurchase date: July 21, 2026 (transaction reported in Form 8‑K).
• Securities repurchased: $100 million of 10.500% senior secured first‑lien notes due 2029; $20 million of 5.375% senior notes due 2031.
• Purchase terms: paid par value plus accrued and unpaid interest.
• Funding: cash on hand and borrowings under the company’s revolving credit facility.

Why It Matters
This action reduces Gray Media’s outstanding debt by $120 million, lowering the principal balance and future interest obligations tied to these specific notes. Using cash and revolver borrowings to buy back debt affects the company’s liquidity and leverage profile; investors should note the company chose to repurchase at par rather than refinancing or waiting to maturity. The 8‑K provides a straightforward disclosure of the repurchase but does not state any change to broader capital structure plans or future repurchase programs.