Gray Media, Inc. Increases Term Loan G to $675M

By Bobby Samwell • Monday, October 12 13:02 • Permanent Link

Gray Media said it has arranged a $75 million incremental term loan, lifting its Term Loan G to $675 million from $600 million, and plans to use the proceeds plus cash on hand to retire $150 million of its 10.500% senior secured notes due 2029.

The company said the additional borrowing is expected to be available by Oct. 19, 2026, assuming customary conditions are met. At that point, Gray expects to redeem the notes on the same date.

The 2029 notes redemption amount is set at 105.250% of principal, meaning Gray will pay a 5.25% premium on the $150 million being retired, plus accrued and unpaid interest. Gray also said it expects to pay fees and expenses tied to the new borrowing and the redemption.

After the transaction, Gray expects to have $200 million of the 2029 notes still outstanding, down from $350 million before the partial redemption, while Term Loan G will rise to $675 million from $600 million. Following these announcements, the company's shares moved -6.0%, and are now trading at a price of $4.54. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.