Senior Secured Notes

Gray Media priced $900 million in 9.625% senior secured second lien notes maturing in 2032 at par, a $150 million increase from its initial target. The proceeds, upon closing July 18, 2025, will refinance its 7.000% 2027 notes, partially repay its 2029 Term Loan F, and cover fees. Guaranteed by restricted subsidiaries, the notes are being offered exclusively to qualified institutional buyers and non-U.S. investors.

Cogent Communications (CCOI) will issue $600 million in senior secured notes due 2032, offered to qualified institutional buyers, via its subsidiaries. Proceeds will refinance its outstanding $500 million notes due 2026 and provide operational flexibility, including potential shareholder dividends. This offering, which is not guaranteed, will not be registered and has specific trading limitations. Cogent, a major bandwidth provider, operates globally.