Gray Media said it has arranged an incremental $75 million addition to its existing $600 million term loan due July 15, 2030, lifting that facility to $675 million once funded. The company said the delayed-draw borrowing is expected to be available on or before October 19, 2026.
Gray said the new borrowing, together with cash on hand, will be used to redeem $150 million of its 10.500% senior secured notes due 2029 and to cover fees and expenses tied to the financing and redemption, including the call premium and accrued interest.
The company also issued a conditional notice to redeem that $150 million tranche of 2029 notes on October 19, 2026, at 105.250% of principal plus accrued and unpaid interest.
After the transactions close, Gray expects to have $200 million of 2029 notes still outstanding, down from $350 million before the redemption, and $675 million outstanding under term loan G, up from $600 million. As a result of these announcements, the company's shares have moved 1.26% on the market, 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.
