Gray Media, Inc Secures $75M Incremental Loan

By Ahmed Jamerson • Tuesday, October 13 01:44 • Permanent Link

Gray Media said it has arranged an incremental $75 million term loan, lifting its term loan due July 15, 2030 from $600 million to $675 million once the delayed-draw financing closes, which it expects by Oct. 19, 2026.

The company 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 cover related fees, call premium, and accrued interest.

After the transaction, Gray expects to have: $675 million outstanding on the term loan $200 million of the 2029 notes still outstanding

Gray’s partial redemption notice calls for the $150 million note redemption at 105.250% of principal, plus accrued and unpaid interest, on Oct. 19, 2026, assuming the new term loan funding occurs. As a result of these announcements, the company's shares have moved -6.0% on the market, and are now trading at a price of $4.54. For more information, read 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.