Gray Media, Inc. Increases Term Loan to $675 Million

By Philip Seaworth • Sunday, October 11 16:02 • Permanent Link

Gray Media said it has added $75 million to its existing $600 million term loan due July 15, 2030, lifting that facility to $675 million once the incremental borrowing is funded.

The company plans to use the new borrowing, along with cash on hand, to redeem $150 million of its 10.500% senior secured notes due 2029 and cover related fees, including the call premium and accrued interest.

Gray expects the financing to close on or before Oct. 19, 2026, and the note redemption is scheduled for the same date, contingent on the loan funding.

After the transactions, Gray expects to have: $200 million of 2029 notes outstanding, down from $350 million before the redemption $675 million of term loan G outstanding, up from $600 million before the incremental borrowing

The 2029 notes will be redeemed at 105.250% of principal, plus accrued and unpaid interest. 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.

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