04:55 PM EDT, 07/18/2025 (MT Newswires) -- Gray Media ( GTN ) said Friday it has completed its offering of $900 million of 9.625% senior secured second lien notes due 2032.

The net proceeds from the notes are being used, plus borrowings under a revolving credit facility, to redeem Gray's 7% senior notes due 2027, repay part of term loan F due June 4, 2029, and pay fees and expenses related to the offering.

The company said it repaid $402.5 million of the term loan F with the proceeds from the notes, leaving a loan F balance of $90 million.

Separately, the company said it has increased the commitments under its revolving credit facility by $50 million, resulting in commitments of $750 million.

The company said it extended the revolving credit facility to Dec. 1, 2028, from Dec. 1, 2027.