Gray Media, Inc. Prices $750M 7.5% Senior Secured Notes Due 2034

What Happened

• Gray Media, Inc. filed a Form 8‑K on August 18, 2026 (press release dated August 17, 2026) announcing it priced an offering of $750 million aggregate principal amount of 7.500% senior secured first‑lien notes due 2034.
• The company says proceeds will be used to (i) redeem a portion of its outstanding 10.500% senior secured first‑lien notes due 2029, (ii) repay a portion of borrowings under its revolving credit facility, and (iii) pay fees and expenses related to the offering.

Key Details

• Offering size: $750,000,000 principal amount.
• Coupon and maturity: 7.500% interest, due 2034.
• Uses of proceeds: redeem part of 10.500% notes due 2029; repay revolver borrowings; cover offering fees/expenses.
• Distribution: Notes offered under exemptions (Rule 144A to qualified institutional buyers and Regulation S to non‑U.S. persons); the notes are not registered under the Securities Act.

Why It Matters

• The transaction replaces some nearer‑term, higher‑coupon debt (10.500% due 2029) with longer‑dated notes (due 2034), and will also reduce outstanding revolver borrowings per the company’s stated uses.
• For investors, this is a balance‑sheet action affecting Gray’s debt profile and capital structure—extending maturities and changing interest obligations—though the filing does not provide pro forma leverage or cash‑flow impacts.
• The notes are offered only to institutional and non‑U.S. investors under exemptions, so they are not available to most retail investors.