Core Points - Gray Media, Inc. has completed an offering of $775 million in 7.250% senior secured first lien notes due 2033, issued at par [1] - The net proceeds from the notes will be used to repay portions of existing term loans and revolving credit facility, as well as for general corporate purposes [2][6] - The notes are guaranteed by existing and future restricted subsidiaries of Gray, with interest payable semiannually starting February 15, 2026, and maturing on August 15, 2033 [3] Financial Details - $630 million of Term Loan D has been repaid, leaving a balance of $739 million - $80 million of Term Loan F has been repaid, leaving a balance of $10 million - All $50 million outstanding under the Revolving Credit Facility has been repaid, leaving $750 million of undrawn availability [6]

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]