Gray Media Prices $750M Senior Secured Notes at 7.500% to Refinance High-Cost Debt
GTN sits 40% above its 52-week low of $3.553.
Summary
Gray Media priced $750 million of 7.500% senior secured notes due 2034 to refinance higher-cost debt and repay revolver borrowings, with closing expected August 21, 2026.
Key Events · Financing and Capital Events · GTN
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Notes Priced at Par
Gray Media priced $750 million of 7.500% senior secured first lien notes due 2034 at 100% of par.
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Refinancing High-Cost Debt
Proceeds will redeem a portion of the 10.500% senior secured notes due 2029, repay revolver borrowings, and pay fees.
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Closing Expected August 21
The offering is expected to close on August 21, 2026, subject to customary conditions.
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Interest Savings
The new 7.500% coupon is 300 basis points lower than the 10.500% notes being partially redeemed, reducing annual interest expense.
Analysis · GTN · Technology
Gray Media priced its $750 million senior secured notes offering at par with a 7.500% coupon, due 2034. The proceeds will redeem a portion of its 10.500% notes due 2029, repay revolver borrowings, and cover fees. This refinancing lowers the company's interest burden and extends maturities, improving financial flexibility. The offering is expected to close on August 21, 2026.
At the time of this filing, GTN was trading at $4.98 on NYSE in the Technology sector, with a market capitalization of approximately $521.3M. The 52-week trading range was $3.55 to $6.44. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.