Gray Media Closes $750M Notes Offering, Redeems High-Cost 2029 Debt
GTN sits 38% above its 52-week low of $3.553.
Summary
Gray Media closed its $750 million notes offering and will use the proceeds to redeem $675 million of higher-cost 2029 notes, reducing interest expense and extending maturities.
Key Events · Financing and Capital Events · GTN
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Notes Offering Closed
Gray Media issued $750 million of 7.500% senior secured first lien notes due 2034 at par on August 21, 2026.
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Proceeds to Redeem 2029 Notes
Net proceeds will redeem $675 million of 10.500% senior secured first lien notes due 2029, repay $21 million of revolver borrowings, and pay fees and expenses.
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Redemption Expected August 27
The redemption of the 2029 notes is expected to be completed on August 27, 2026, leaving $350 million of 2029 notes outstanding.
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Interest Expense Reduction
Replacing 10.500% notes with 7.500% notes reduces annual interest expense by approximately $20.25 million on the redeemed amount.
Analysis · GTN · Technology
Gray Media completed its $750 million senior secured notes offering at 7.500% due 2034. The proceeds will redeem $675 million of 10.500% notes due 2029, repay $21 million of revolver borrowings, and cover fees. This refinancing lowers Gray's interest expense and extends debt maturities, improving its capital structure. The redemption of the 2029 notes is expected on August 27, 2026, leaving $350 million of those notes outstanding.
At the time of this filing, GTN was trading at $4.90 on NYSE in the Technology sector, with a market capitalization of approximately $516M. The 52-week trading range was $3.55 to $6.44. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.