Goldman Boosts Gray Media’s Junk Bond Sale on Strong Demand (1)

Wall Street banks led by Goldman Sachs Group Inc. boosted a junk bond sale for broadcaster Gray Media Inc. to $900 million on Tuesday with better pricing for the borrower due to strong demand, according to people familiar with the matter.

The size was lifted from the original $750 million offering, said the people, who were not authorized to speak publicly. The seven-year, senior secured, second-lien notes priced at par to yield 9.625%, a much lower rate than early discussions indicated, they said.

A representative for Goldman declined to comment. Another for Gray Media did not respond to requests for ...