Loan & DebtJul 1, 2026, 09:21 AM
Gray Media Closes $70M Private Placement for Acquisition & Buyback
AI Summary
Gray Media, Inc. announced the closing of a private placement of $70 million aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033. The proceeds were strategically utilized to fund a $40 million portion of the American Spirit Media, LLC acquisition and to repurchase $30 million worth of Series A Perpetual Preferred Stock. This transaction increases the total outstanding notes to $845 million and reduces the outstanding preferred stock to 600,000 shares with a $600 million liquidation preference.
Key Highlights
- Gray Media closed a private placement of $70 million in 7.250% Senior Secured First Lien Notes due 2033.
- Proceeds included $40 million to fund the first closing of the American Spirit Media, LLC acquisition.
- Proceeds also included $30 million to repurchase 50,000 shares of Series A Perpetual Preferred Stock.
- The repurchased preferred stock had an aggregate liquidation preference of $50 million.
- Following the transaction, $845 million aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033 are outstanding.
- 600,000 shares of Series A Perpetual Preferred Stock with $600 million liquidation preference remain outstanding.
Price Impact
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