GlobeNewswire·Jul 1, 2026, 9:20 AM ET

Gray Media Completes Offering of $70 Million of Additional 7.250% Senior Secured First Lien Notes due 2033 and Repurchases $50 million of Series A Preferred Stock

Gray Media, Inc. closed a private placement of $70 million in 7.250% Senior Secured First Lien Notes due 2033 on June 30, 2026.
The Additional Notes were sold to accredited investors at par plus accrued interest from February 15, 2026.
Proceeds funded $40 million of the purchase price for the first closing of the American Spirit Media, LLC transaction.
Proceeds also funded the repurchase of 50,000 shares of Series A Perpetual Preferred Stock with a $50 million liquidation preference for $30 million plus unpaid dividends.
Post-transaction, the company has $845 million in outstanding 7.250% Senior Secured First Lien Notes due 2033.
Post-transaction, the company has 600,000 shares of Series A Perpetual Preferred Stock with a $600 million aggregate liquidation preference.
The Additional Notes rank equally with the $775 million Existing Notes issued in July 2025 under identical terms.
The notes were offered privately under Section 4(a)(2) of the Securities Act of 1933 without registration.