Gray Media announced pricing for $900 million in private senior secured notes due 2032, set to close on July 18, 2025.
Quiver AI Summary
Gray Media, Inc. announced the pricing of a private offering for $900 million of 9.625% senior secured second lien notes due in 2032, increasing the initial offering by $150 million. The notes will close on July 18, 2025, pending customary conditions, and are intended to redeem the company’s existing 7.000% senior notes due in 2027, repay part of a term loan, and cover offering expenses. These notes will be guaranteed by current and future subsidiaries, but will only be offered to qualified institutional buyers and non-U.S. persons per securities regulations. Gray cautioned that forward-looking statements in the release may be impacted by various risks and uncertainties. The company will not register the notes for sale in the U.S. and provides additional risk disclosures in its SEC filings.
Potential Positives
- Gray Media, Inc. successfully increased the amount of its private offering by $150 million, reflecting strong investor interest and confidence in the company.
- The pricing of the 9.625% senior secured second lien notes at 100% of par signifies a favorable market reception for Gray’s debt instruments.
- The offering is strategically aimed at refinancing existing debt, which may improve Gray's financial stability and reduce future interest expenses.
Potential Negatives
- The increase of $150 million in the offering compared to the previously announced amount may indicate greater financial strain or higher-than-expected funding needs.
- The offering of senior secured second lien notes suggests that the company is taking on more debt, which could lead to higher financial risk and obligations in the future.
- The reliance on notes that have not been registered under the Securities Act points to potential regulatory risk and limitations on marketability, which could hinder future financing efforts.
FAQ
What is the amount of the senior secured notes offering by Gray Media?
The offering is for $900 million of senior secured second lien notes due 2032.
When is the expected closing date for the notes offering?
The expected closing date is July 18, 2025, subject to customary closing conditions.
What will the proceeds from the notes offering be used for?
The proceeds will be used to redeem existing notes, repay a term loan, and cover offering fees.
Who can purchase the notes being offered by Gray Media?
The notes are offered to qualified institutional buyers and non-U.S. persons under specific regulations.
Where can I find more information about Gray Media's financial risks?
Additional information can be found in Gray's quarterly and annual reports filed with the SEC on their 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 105 institutional investors add shares of $GTN stock to their portfolio, and 97 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 08, 2025 (GLOBE NEWSWIRE) --
Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today the pricing of its previously announced private offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032 (the “Notes”). This represents an increase of $150 million over the amount previously announced. The Notes were priced at 100% of par. The offering of the Notes is expected to close on July 18, 2025, subject to customary closing conditions.
The Notes are being offered, together with borrowings under Gray’s revolving credit facility, to (i) redeem all of Gray’s outstanding 7.000% senior notes due 2027 (the “2027 Notes”), (ii) repay a portion of Gray’s term loan F due June 4, 2029, and (iii) pay fees and expenses in connection with the offering.
The Notes will be guaranteed, jointly and severally, on a senior secured second 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 of 1933, as amended (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 a notice of redemption with respect to the 2027 Notes or 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 senior credit facility refinancing or the redemption; the intended use of proceeds of the offering and the senior credit facility refinancing; 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.
