Goldman Sachs to Sell $750 Million Junk Bond for Gray Media

Goldman Sachs is planning to sell a $750 million junk bond for broadcaster Gray Media. The senior secured, second-lien notes will mature in seven years and help Gray Media redeem outstanding senior debt and repay a portion of its term loan. Demand is strong, with orders of about $2.5 billion already. The offering is rated CCC by S&P Global Ratings.

Goldman Sachs Group Inc. is set to facilitate a $750 million junk bond sale for Gray Media Inc., according to sources familiar with the matter. The senior secured, second-lien notes are scheduled to mature in seven years and will be used to redeem Gray Media's outstanding senior debt due in 2027 and to repay a portion of its term loan due in 2029 [1].

The offering is expected to yield between 10% and 10.25%, with strong demand already evident, as evidenced by orders totaling about $2.5 billion. This robust interest in high-yield bonds is being driven by tight spreads, attractive yields, easing recession concerns, and subsiding geopolitical tensions [1].

Gray Media is the sixth issuer to enter the market this week, following a busy June that saw the highest level of new junk bond sales since September 2021. The company's latest move reflects a broader trend of high-yield borrowers seeking favorable market conditions [1].

The transaction is notable for its strategic timing and the favorable market conditions that have led to strong demand for high-yield bonds. Investors should closely monitor the development of this offering, as it provides a glimpse into the current state of the junk bond market and the financial health of Gray Media.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-08/goldman-kicks-off-750-million-junk-bond-offering-for-gray-media