Core Viewpoint - Gray Media, Inc. has successfully completed an offering of $900 million in senior secured second lien notes with a 9.625% interest rate, maturing in 2032 [1] Group 1: Financial Details - The net proceeds from the notes will be utilized to redeem all outstanding 7.000% senior notes due 2027, repay a portion of Term Loan F amounting to $402.5 million, and cover fees and expenses related to the offering [2] - After the repayment, the remaining balance of Term Loan F is $90 million [2] - Interest on the notes will accrue from July 18, 2025, and will be paid semiannually starting January 15, 2026 [3] Group 2: Legal and Regulatory Information - The notes and related guarantees are not registered under the Securities Act of 1933 and can only be offered to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S [4]

Core Viewpoint - Gray Media, Inc. plans to offer up to $750 million in senior secured second lien notes due 2032, subject to market conditions [1] Group 1: Offering Details - The offering will be exempt from the registration requirements of the Securities Act of 1933 [1] - Gray expects to increase commitments under its revolving credit facility by $50 million, bringing total commitments to $750 million, and extend the maturity date from December 1, 2027, to December 1, 2028 [2] - The closing of the notes offering is not conditioned on the closing of the Revolver Amendment, but the latter is conditioned on the former [2] Group 2: Use of Proceeds - The net proceeds from the offering will be used to redeem all outstanding 7.000% senior notes due 2027, repay a portion of a term loan due June 4, 2029, and cover fees and expenses related to the offering [3] Group 3: Guarantees and Offer Restrictions - The notes will be guaranteed on a senior secured second lien basis by existing and future restricted subsidiaries of Gray that guarantee its existing senior credit facility [4] - The notes will only be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons in transactions outside the United States under Regulation S [5]

Group 1 - CMB.TECH has identified a bank syndicate to refinance all or parts of the outstanding debt in Golden Ocean Group Limited [1] - A $2,000 million facilities agreement has been signed, which includes a term loan facility of up to $1,250 million and a revolving credit facility of up to $750 million [2] - The term loan facility is expected to be drawn during the second and third quarters of 2025 [3] Group 2 - The facilities agreement will become available following the completion of the planned merger between Golden Ocean and CMB.TECH, expected in Q3 2025 [2] - Golden Ocean acts as the borrower while CMB.TECH serves as the parent guarantor [2]