Gray Media, Inc. Plans $700 Million Offering of Senior Secured First Lien Notes Due 2033

Gray Media plans to offer $700 million in senior secured notes due 2033 to repay existing loans.

Quiver AI Summary

Gray Media, Inc. announced its intention to offer up to $700 million in senior secured first lien notes due 2033, depending on market conditions. The offering will be exempt from SEC registration requirements and the proceeds will be used to partially repay existing term loans. These notes will be guaranteed by Gray's existing and future subsidiaries and are intended for qualified institutional buyers and non-U.S. persons. The release contains forward-looking statements that are subject to risks and uncertainties, and it emphasizes that there is no obligation to update the information provided.

Potential Positives

• Gray Media, Inc. plans to offer up to $700 million of senior secured first lien notes, providing the company with significant capital to strengthen its financial position.
• The intended use of proceeds includes repayment of existing term loans, which may improve the company's debt profile and reduce interest expenses.
• The offering is exempt from registration requirements, allowing for quicker access to funds under current market conditions.

Potential Negatives

• The press release indicates that Gray Media is seeking to raise a substantial amount of debt ($700 million), which may signal financial instability or a need for refinancing existing loans.
• The exclusion from the registration requirements of the Securities Act may raise concerns among potential investors regarding the transparency and security of the investment.

FAQ

What is Gray Media's recent announcement regarding notes?

Gray Media announced plans to offer up to $700 million in senior secured first lien notes due 2033.

How does Gray Media intend to use the net proceeds?

The proceeds will be used to repay portions of its term loans D and F due in 2028 and 2029.

Who can purchase the notes offered by Gray Media?

The notes will be available to qualified institutional buyers and non-U.S. persons under specific regulations.

What is the status of the notes regarding SEC registration?

The notes have not been registered under the Securities Act and will be exempt from registration requirements.

Where can I find Gray Media's risk factors related to this offering?

Risk factors can be found in Gray Media's quarterly and annual reports available on their official website.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$GTN Insider Trading Activity

$GTN insiders have traded $GTN stock on the open market 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $GTN stock by insiders over the last 6 months:

• RICHARD LEE BOGER sold 16,000 shares for an estimated $61,552
• JEFFREY R GIGNAC (Executive Vice President, CFO) purchased 12,500 shares for an estimated $46,000

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$GTN Hedge Fund Activity

We have seen 109 institutional investors add shares of $GTN stock to their portfolio, and 98 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CAPITAL MANAGEMENT CORP /VA added 1,103,690 shares (+19.2%) to their portfolio in Q1 2025, for an estimated $4,767,940
• PACER ADVISORS, INC. added 1,053,023 shares (+inf%) to their portfolio in Q1 2025, for an estimated $4,549,059
• SCHONFELD STRATEGIC ADVISORS LLC added 734,945 shares (+205.5%) to their portfolio in Q1 2025, for an estimated $3,174,962
• CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 734,085 shares (+60.0%) to their portfolio in Q1 2025, for an estimated $3,171,247
• MARSHALL WACE, LLP removed 632,292 shares (-54.4%) from their portfolio in Q1 2025, for an estimated $2,731,501
• CITADEL ADVISORS LLC added 597,013 shares (+469.8%) to their portfolio in Q1 2025, for an estimated $2,579,096
• BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 468,827 shares (-39.2%) from their portfolio in Q1 2025, for an estimated $2,025,332

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$GTN Analyst Ratings

Wall Street analysts have issued reports on $GTN in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

• Benchmark issued a "Buy" rating on 05/06/2025
• Guggenheim issued a "Buy" rating on 03/10/2025

To track analyst ratings and price targets for $GTN, check out Quiver Quantitative's $GTN forecast page.

$GTN Price Targets

Multiple analysts have issued price targets for $GTN recently. We have seen 3 analysts offer price targets for $GTN in the last 6 months, with a median target of $7.0.

Here are some recent targets:

• Steven Cahall from Wells Fargo set a target price of $4.5 on 05/12/2025
• Daniel Kurnos from Benchmark set a target price of $7.0 on 05/06/2025
• Curry Baker from Guggenheim set a target price of $7.0 on 03/10/2025

Full Release

ATLANTA, July 22, 2025 (GLOBE NEWSWIRE) --

Gray Media, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) announced today that it intends to offer up to $700 million aggregate principal amount of senior secured first lien notes due 2033, subject to market conditions. The offering will be exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).

Gray intends to use the net proceeds of the offering, together with borrowings under Gray’s revolving credit facility, to (i) repay a portion of Gray’s term loan D due December 1, 2028 and (ii) repay a portion of Gray’s term loan F due June 4, 2029.

The notes will be guaranteed, jointly and severally, on a senior secured first lien basis, by each existing and future restricted subsidiary of Gray that guarantees Gray’s existing senior credit facility.

The notes and related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Forward-Looking Statements:

This press release contains certain forward-looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “intend,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s ability to consummate the offering of notes, the intended use of proceeds of the offering, and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.graymedia.com. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

Gray Contacts:

Jeffrey R. Gignac

, Executive Vice President and Chief Financial Officer, 404-504-9828



Kevin P. Latek

, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.