Stocks● Neutral
Gray Media Prices $750M Notes at 7.5% to Refinance Debt
Gray Media priced $750M in 7.5% senior secured notes due 2034 to redeem higher-cost 10.5% debt and cut annual interest expense by 300 bps on the portion retired.
Continue with
Gray Media priced $750 million in senior secured first lien notes at 7.500% due 2034, the Atlanta-based broadcaster said Monday.
The notes, sold at par, will redeem a portion of Gray's outstanding 10.500% senior secured first lien notes due 2029, repay some borrowings under its revolving credit facility, and cover offering fees and expenses. The deal is expected to close Aug. 21.
Gray's existing and future restricted subsidiaries that guarantee its senior credit facility will also guarantee the new notes on a senior secured first lien basis.