Goldman Sachs Shops High-Yield Debt Deal for Gray Media (1)

Goldman Sachs Group Inc. is leading a potential transaction for Gray Media Inc. to help the company refinance some of its existing debt, according to people with knowledge of the matter.

The broadcaster is seeking to raise at least $750 million in the high-yield bond market, said the people, who asked not to be identified discussing private information. The transaction could swell to $1 billion, depending on how much demand the underwriting banks can secure from investors, the people said.

Goldman Sachs hosted a call with Gray’s management and select investors to discuss a riskier, second-lien bond that would replace ...