Gray Media to Raise $250M Through Senior Secured Notes Offering

Gray Media, Inc. ("Gray") (NYSE:GTN) announced today it entered into purchase agreements (the "Purchase Agreements") with certain accredited investors (collectively, the "Investors"), pursuant to which Gray agreed to sell to the investors, in a private placement transaction (the "Offering"), $250 million aggregate principal amount of 9.625% senior secured second lien notes due 2032 (the "Additional Notes").

The Additional Notes will be part of the same issuance of, and rank equally and form a single series with, the currently outstanding $900,000,000 million aggregate principal amount of the Company's 9.625% Senior Secured Second Lien Notes due 2032 (the "Existing Notes"), which were issued in July 2025. The Additional Notes will have substantially identical terms to the Existing Notes.

Pursuant to the Purchase Agreements, the Additional Notes will be issued at 102.000% of par plus accrued interest from and including July 18, 2025. The Offering is expected to close on December 12, 2025, subject to customary closing conditions.

The Additional Notes are being offered (i) to redeem a portion of the Company's outstanding 10.500% Senior Secured First Lien Notes due 2029 (the "2029 Notes"), (ii) to pay fees and expenses in connection with the Offering, and (iii) for general corporate purposes.