Gray Television has priced an upsized private offering of $1.25 billion worth of 10.500% senior secured first lien notes due 2029 at par. The offering is expected to close on June 3, 2024, subject to customary closing conditions. The proceeds from this debt offering will be primarily used to refinance Gray Television's existing $1.2 billion tranche E term loan, which is due on January 2, 2026. Additionally, the company plans to repurchase any and all of its outstanding 5.875% senior notes due in 2026 through a tender offer. The remaining funds will cover fees and expenses related to the offering. By refinancing its existing debt with this new $1.25 billion senior secured notes offering at 10.500%, Gray Television is able to extend its debt maturity profile to 2029 while taking advantage of the current favorable market conditions. The upsizing from the initially proposed $1 billion highlights strong investor demand for the offering. In summary, Gray Television has priced an upsized $1.25 billion private placement of 10.500% senior secured first lien notes due 2029 to refinance its existing term loan and senior notes while extending its debt maturity.