Gray Media raises $70M in notes, repurchases $50M in preferred stock

Gray Media, Inc. (NYSE: GTN) closed a private placement of $70 million in aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033 on June 30, 2026, according to a press release from the Atlanta-based company.

The notes were sold to accredited investors at par plus accrued interest from February 15, 2026. The proceeds were allocated to two purposes: $40 million funded the first closing of Gray's previously announced American Spirit Media, LLC transaction, and the remaining proceeds funded a repurchase of 50,000 shares of the company's Series A Perpetual Preferred Stock at a total purchase price of $30 million plus accrued but unpaid dividends. The repurchased shares carried an aggregate liquidation preference of $50 million.

Following the transactions, Gray has $845 million of aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033 outstanding and 600,000 shares of Series A Perpetual Preferred Stock with an aggregate liquidation preference of $600 million.

The additional notes form a single series with the existing $775 million aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033, which were originally issued in July 2025. The notes were not registered under the Securities Act and were offered under an exemption pursuant to Section 4(a)(2) of the Securities Act of 1933 and Regulation D.

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