Gray Media closed a new $600 million term loan due July 15, 2030 and cut its revolving credit facility to $680 million from $750 million, while pushing that revolver’s maturity out from December 1, 2028 to July 15, 2030.
The term loan was priced at 350 basis points over SOFR and came with a 0.5% original issue discount. Gray used the proceeds to repay part of its existing term loan D, which had been due December 1, 2028. After that repayment, $150 million of term loan D principal remained outstanding.
The refinancing follows Gray’s August 21, 2026, $750 million sale of 7.50% senior secured first lien notes due 2034. Proceeds from that deal were used in part to repay $675 million of 10.5% senior secured first lien notes due 2029. Between the two transactions, Gray said it has extended maturities on more than $1.25 billion of debt and lowered borrowing costs.
After the latest refinancing, Gray said its nearest debt maturities are now the remaining $150 million of term loan D due in December 2028 and $350 million of the 2029 notes due in July 2029. Following these announcements, the company's shares moved 1.26%, and are now trading at a price of $4.83. If you want to know more, read the company's complete 8-K report here.
