Gray Media completes $750 million private offering of Senior Secured First Lien Notes

Client(s) Gray Media, Inc.

Jones Day represented Gray Media, Inc., a multimedia company headquartered in Atlanta, Georgia that is the nation’s largest owner of top-rated local television stations and digital assets serving 117 full-powered television markets that collectively reach approximately 37% of U.S. television households, in connection with its private offering of $750 million aggregate principal amount of 7.500% Senior Secured First Lien Notes due 2034 (the “Notes”) under Rule 144A and Regulation S.

The net proceeds of the Notes were used to redeem $675 million outstanding principal amount of its 10.500% Senior Secured First Lien Notes due 2029 (the"2029 Notes"), repay $21 million of outstanding borrowings under its revolving credit facility, and pay fees and expenses in connection with the offering.