GRAY MEDIA, INC — Form 8-K
Filed July 1, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
Gray Media, Inc. (GTN) completed a private placement of $70 million in aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033 on June 30, 2026. The notes were sold at par (100%) plus accrued interest to accredited institutional investors. Proceeds of $40M funded the first closing of the American Spirit Media acquisition (6 TV stations for $50M total); remaining proceeds funded a repurchase of 50,000 shares of Series A Perpetual Preferred Stock ($30M, representing 60% of liquidation preference) plus accrued dividends. Post-transaction, Gray has $845M outstanding in first-lien notes and 600,000 shares of Series A preferred (liquidation preference $600M). The additional notes rank pari passu with the existing $775M issuance from July 2025 and form a single series.
Why this rating
Routine debt issuance (9% of market cap) for ordinary M&A and preferred stock buyback; modest leverage accretion offset by asset acquisition and capex discipline.
Extracted items
- 9.01 exhibits
- 1.01 material agreement
- 8.01 other event
- 2.03 material obligation
- 7.01 Reg FD disclosure
View original filing on SEC.gov ↗
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