Senior Secured Notes

Kronos Worldwide (KRO) is issuing €75M in additional 9.50% Senior Secured Notes due 2029 through its subsidiary, Kronos International, Inc. This increases the outstanding amount of these notes to €426.174M. Proceeds will primarily address maturing 3.75% Senior Secured Notes due September 2025, or repay amounts drawn from the Wells Fargo credit facility for the same purpose. The offering’s completion is subject to market conditions. The notes are guaranteed and secured by company assets.

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.