Gray Announces Upsizing and Pricing of $775 Million of 7.250% Senior Secured First Lien Notes due 2033

Core Points - Gray Media, Inc. announced a private offering of $775 million in senior secured first lien notes with a 7.250% interest rate due in 2033, an increase of $75 million from the previously announced amount [1] - The offering is expected to close on July 25, 2025, subject to customary closing conditions [1] Use of Proceeds - The proceeds from the notes will be used to repay portions of Gray's term loans D and F, repay outstanding indebtedness under its revolving credit facility, cover fees and expenses related to the offering, and for general corporate purposes [2] Guarantees - The notes will be guaranteed on a senior secured first lien basis by existing and future restricted subsidiaries of Gray that guarantee its existing senior credit facility [3] Offering Restrictions - The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S of the Securities Act, and will not be registered under the Securities Act [4]