Gray Announces $75 Million Incremental Term Loan and Redemption of $150 Million of 2029 Notes

The planned redemption uses new borrowing and cash on hand, with a premium payable to holders of the 2029 notes.

Rhea-AI Summary

Gray Media (NYSE: GTN) entered into a credit agreement amendment to add $75 million to its existing Term Loan G.

The delayed-draw funding is expected by October 19, 2026, subject to customary conditions. Gray expects to use the proceeds and cash on hand to redeem $150 million of 10.500% senior secured notes due 2029 and pay related costs. The planned October 19 redemption depends on loan funding and carries a price of 105.250% of principal, plus accrued and unpaid interest.

The additional borrowing will have identical terms to the existing loan, which matures July 15, 2030. After completion, Gray expects outstanding principal of $200 million in 2029 notes and $675 million in Term Loan G.

2 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Planned redemption of $150 million of 10.500% notes due 2029 would leave $200 million outstanding. 30% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Credit agreement amendment provides $75 million in additional delayed-draw funding, expected by October 19, 2026. 15% of market cap

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Additional borrowing would increase Term Loan G to $675 million, maturing July 15, 2030.
• Minor point. Forward-looking: it has not happened yet and may not happen.Redemption price of 105.250% of principal adds a premium, plus accrued interest and transaction fees and expenses.
• Minor pointOctober 19, 2026 note redemption is conditional on funding of the additional term loan.

Key Figures

Incremental term loan: $75 million 2029 Notes redemption: $150 million Redemption price: 105.250% of principal +4 more

Incremental term loan

$75 million

Added to Term Loan G

2029 Notes redemption

$150 million

Outstanding principal amount to be redeemed, conditional on loan funding

Redemption price

105.250% of principal

Plus accrued and unpaid interest to the redemption date

2029 Notes interest rate

10.500%

Senior secured notes due 2029

Expected conditions deadline

October 19, 2026

Conditions for delayed-draw loan funding are expected to be satisfied on or before this date

Remaining 2029 Notes

$200 million

Expected outstanding principal after the transactions

Term Loan G after funding

$675 million

Expected outstanding principal after the transactions

Key Terms

delayed draw basis, fungible, senior secured notes

3 terms

delayed draw basis financial

"The Incremental TLG will be available on a delayed draw basis"

A delayed draw basis is a loan or credit facility structure where a lender agrees at the outset to make one or more future advances of cash after the facility is established, with each advance (a "draw") occurring only when the borrower requests it and meets the pre-agreed conditions. The terms that govern each draw — interest rate, fees, covenants and repayment schedule — are set in the original agreement, but interest and principal begin to run only from the actual draw date; lenders commonly charge a commitment or standby fee on undrawn amounts. This is a timing feature of financing (when money is delivered), not a different kind of security or valuation method.

fungible financial

"identical to, and fungible with, the Term Loan G"

Fungible describes an asset that is interchangeable with another of the same kind because each unit holds the same value and function. For investors this matters because fungible assets are easier to trade, price, and store—think of cash or grains where one unit can replace another, unlike a unique artwork or a signed collectible which may be worth more or less depending on provenance. Fungibility affects liquidity, market efficiency, and how assets are settled or regulated.

senior secured notes financial

"$150 million outstanding principal amount of Gray’s 10.500% senior secured notes"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATLANTA, Oct. 09, 2026 (GLOBE NEWSWIRE) --  Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today that it has entered into an incremental amendment to its credit agreement to increase its $600 million term loan due July 15, 2030 (the “Term Loan G”) by $75 million (the “Incremental TLG”). The Incremental TLG will be available on a delayed draw basis upon the satisfaction of certain customary conditions that are expected to be satisfied on or prior to October 19, 2026. Upon funding, the Incremental TLG will be on terms that are identical to, and fungible with, the Term Loan G. The net proceeds from the Incremental TLG, together with cash on hand, are expected to be used to (i) redeem $150 million outstanding principal amount of Gray’s 10.500% senior secured notes due 2029 (the “2029 Notes”) and (ii) pay fees and expenses in connection with the issuance and redemption, which includes the call premium and accrued and unpaid interest on the 2029 Notes being redeemed.

In connection with the entry into the Incremental TLG amendment, on October 9, 2026, Gray also issued a conditional notice of partial redemption to the holders of the 2029 Notes, notifying such holders that Gray intends to redeem $150 million of the 2029 Notes on October 19, 2026 (the “2029 Notes Redemption”). The 2029 Notes Redemption is conditioned upon the funding of the Incremental TLG discussed above. The 2029 Notes will be redeemed at 105.250% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

Upon the consummation of these transactions, Gray expects to have an outstanding aggregate principal amount of $200 million of 2029 Notes and $675 million of Term Loan G.

This press release does not constitute an offer to purchase, a notice of redemption or a solicitation of an offer to purchase an of the 2029 Notes.

About Gray Media

Gray Media, Inc. is a multimedia company headquartered in Atlanta, Georgia and the nation’s largest owner of top-rated local television stations and digital assets. We serve 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 78 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in average all-day ratings across the 116 markets measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group, spanning 46 markets, as well as Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios.

Forward-Looking Statements:

This press release contains certain forward-looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “intend,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties are in some instances beyond Gray’s control, include the funding of the Incremental TLG, Gray’s ability to consummate the 2029 Notes Redemption and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.graymedia.com. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

Gray Contacts:

Alan Gould, Vice President, Investor Relations, (404) 266-8333, alan.gould@graymedia.com

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much additional term loan funding has Gray Media arranged?

Gray arranged $75 million in additional delayed-draw borrowing under Term Loan G. Funding is subject to customary conditions that the company expects to satisfy on or before October 19, 2026. The additional borrowing will have identical terms to, and be interchangeable with, the existing loan.

When will Gray Media redeem its 2029 notes, and at what price?

Gray intends to redeem $150 million of its 10.500% senior secured notes due 2029 on October 19, 2026, at 105.250% of principal plus accrued and unpaid interest. The redemption is conditional on funding of the additional term loan.