Gray Announces Private Offering of Senior Secured Second Lien Notes
Gray Media (NYSE:GTN) has announced a private offering of up to $750 million in senior secured second lien notes due 2032. The company also plans to increase its revolving credit facility commitments by $50 million to $750 million and extend its maturity date to December 1, 2028.
The net proceeds from the offering, combined with borrowings from Gray's revolving credit facility, will be used to redeem all outstanding 7.000% senior notes due 2027, repay a portion of term loan F due June 2029, and cover related fees and expenses. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
["Extending revolving credit facility maturity by one year to December 2028", "Increasing revolving credit facility commitments by $50 million to $750 million", "Refinancing opportunity to manage debt structure"]Gray Media (NYSE:GTN) ha annunciato un'offerta privata fino a 750 milioni di dollari in obbligazioni senior garantite di secondo grado con scadenza 2032. L'azienda prevede inoltre di aumentare le linee di credito revolving di 50 milioni di dollari, portandole a 750 milioni, e di estendere la data di scadenza al 1掳 dicembre 2028.
Il ricavato netto dell'offerta, insieme ai prestiti dalla linea di credito revolving di Gray, sar脿 utilizzato per rimborsare tutte le obbligazioni senior al 7,000% in scadenza nel 2027, saldare una parte del prestito a termine F con scadenza giugno 2029 e coprire le spese e commissioni correlate. Le obbligazioni saranno offerte esclusivamente a investitori istituzionali qualificati secondo la Regola 144A e a soggetti non statunitensi secondo il Regolamento S.
- Estensione della scadenza della linea di credito revolving di un anno fino a dicembre 2028
- Aumento delle linee di credito revolving di 50 milioni di dollari fino a 750 milioni
- Opportunit脿 di rifinanziamento per gestire la struttura del debito
Gray Media (NYSE:GTN) ha anunciado una oferta privada de hasta 750 millones de d贸lares en bonos senior garantizados de segundo gravamen con vencimiento en 2032. La compa帽铆a tambi茅n planea aumentar sus compromisos en la l铆nea de cr茅dito revolvente en 50 millones de d贸lares, llev谩ndolos a 750 millones, y extender la fecha de vencimiento hasta el 1 de diciembre de 2028.
Los ingresos netos de la oferta, junto con los pr茅stamos de la l铆nea de cr茅dito revolvente de Gray, se utilizar谩n para redimir todos los bonos senior al 7,000% con vencimiento en 2027, pagar una parte del pr茅stamo a plazo F con vencimiento en junio de 2029 y cubrir los costos y gastos relacionados. Los bonos se ofrecer谩n exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Reglamento S.
- Extensi贸n del vencimiento de la l铆nea de cr茅dito revolvente por un a帽o hasta diciembre de 2028
- Aumento de los compromisos de la l铆nea de cr茅dito revolvente en 50 millones de d贸lares hasta 750 millones
- Oportunidad de refinanciamiento para gestionar la estructura de la deuda
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Gray Media (NYSE:GTN) a annonc茅 une offre priv茅e pouvant atteindre 750 millions de dollars en obligations senior garanties de second rang arrivant 脿 茅ch茅ance en 2032. La soci茅t茅 pr茅voit 茅galement d'augmenter ses engagements sur sa facilit茅 de cr茅dit renouvelable de 50 millions de dollars pour atteindre 750 millions et de prolonger sa date d'茅ch茅ance au 1er d茅cembre 2028.
Le produit net de l'offre, combin茅 aux emprunts sur la facilit茅 de cr茅dit renouvelable de Gray, sera utilis茅 pour racheter toutes les obligations senior en circulation 脿 7,000 % arrivant 脿 茅ch茅ance en 2027, rembourser une partie du pr锚t 脿 terme F 茅ch茅ant en juin 2029, et couvrir les frais et d茅penses associ茅s. Les obligations seront offertes exclusivement aux acheteurs institutionnels qualifi茅s selon la r猫gle 144A et aux personnes non am茅ricaines selon le r猫glement S.
- Prolongation de l'茅ch茅ance de la facilit茅 de cr茅dit renouvelable d'un an jusqu'en d茅cembre 2028
- Augmentation des engagements de la facilit茅 de cr茅dit renouvelable de 50 millions de dollars pour atteindre 750 millions
- Opportunit茅 de refinancement pour g茅rer la structure de la dette
Gray Media (NYSE:GTN) hat eine Privatplatzierung von bis zu 750 Millionen US-Dollar in besicherten nachrangigen Schuldverschreibungen mit F盲lligkeit 2032 angek眉ndigt. Das Unternehmen plant au脽erdem, seine revolvierenden Kreditfazilit盲ten um 50 Millionen US-Dollar auf 750 Millionen US-Dollar zu erh枚hen und das F盲lligkeitsdatum auf den 1. Dezember 2028 zu verl盲ngern.
Die Nettoerl枚se aus der Emission, zusammen mit Krediten aus der revolvierenden Kreditfazilit盲t von Gray, werden verwendet, um alle ausstehenden Senior Notes mit 7,000% Zinsen und F盲lligkeit 2027 zur眉ckzuzahlen, einen Teil des Terminkredits F mit F盲lligkeit Juni 2029 zu tilgen sowie damit verbundene Geb眉hren und Kosten zu decken. Die Schuldverschreibungen werden ausschlie脽lich qualifizierten institutionellen K盲ufern gem盲脽 Rule 144A und Nicht-US-Personen gem盲脽 Regulation S angeboten.
- Verl盲ngerung der Laufzeit der revolvierenden Kreditfazilit盲t um ein Jahr bis Dezember 2028
- Erh枚hung der revolvierenden Kreditfazilit盲tszusagen um 50 Millionen US-Dollar auf 750 Millionen
- Refinanzierungsm枚glichkeit zur Steuerung der Schuldenstruktur
- None.
- Taking on new debt of $750 million
- Increased leverage through additional revolving credit facility commitments
- Dependency on market conditions for successful offering
Insights
Gray Media's $750M note offering restructures debt, extends credit facility, and likely improves financial flexibility through 2028.
Gray Media is undertaking a significant debt refinancing initiative with its proposed
The company is simultaneously expanding its revolving credit facility by
What's particularly notable is the secured second-lien nature of the new notes. This structure provides Gray better protection than unsecured debt while still maintaining flexibility compared to first-lien obligations. The notes will be guaranteed by Gray's restricted subsidiaries, creating a more unified debt structure across the organization.
This refinancing should smooth out Gray's debt maturity profile, potentially reducing near-term refinancing pressure. While the interest rate on the new notes isn't disclosed, if market conditions are favorable, Gray could potentially lower its overall interest expense, especially by retiring the
ATLANTA, July 08, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (鈥淕ray,鈥� 鈥渨e,鈥� 鈥渦s鈥� or 鈥渙ur鈥�) (NYSE: GTN) announced today that it intends to offer up to
In connection with the offering of notes, Gray expects to (i) increase the aggregate commitments under our revolving credit facility by
Gray intends to use the net proceeds of the offering, together with borrowings under Gray鈥檚 revolving credit facility, to (i) redeem all of Gray鈥檚 outstanding
The notes will be guaranteed, jointly and severally, on a senior secured second lien basis, by each existing and future restricted subsidiary of Gray that guarantees Gray鈥檚 existing senior credit facility.
The notes and related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release does not constitute a notice of redemption with respect to the 2027 Notes or an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Forward-Looking Statements:
This press release contains certain forward-looking statements that are based largely on Gray鈥檚 current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact and may be identified by words such as 鈥渆stimates,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渨ill,鈥� 鈥渋mplied,鈥� 鈥渋ntend,鈥� 鈥渁ssume鈥� and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray鈥檚 control, include Gray鈥檚 ability to consummate the offering of notes, the Revolver Amendment or the redemption, the intended use of proceeds of the offering, and other future events. Gray is subject to additional risks and uncertainties described in Gray鈥檚 quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the 鈥淩isk Factors,鈥� and management鈥檚 discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.graymedia.com. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management鈥檚 views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.
Gray Contacts:
Jeffrey R. Gignac, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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FAQ
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