Gray Announces AR Securitization Facility increase to $400 million and extension to 2028 and Revolving Credit Facility increase to $700 million 

Rhea-AI Summary

Gray Media (NYSE: GTN) has announced significant enhancements to its financing facilities. The company has increased its accounts receivable securitization facility (AR Facility) by $100 million to reach $400 million total commitments, extending its maturity from February 2026 to March 2028.

Additionally, Gray has expanded its revolving credit facility (Revolver) by $20 million, bringing the total commitments to $700 million. These combined amendments boost Gray's available liquidity by approximately $120 million.

Gray Media operates as the nation's largest owner of top-rated local television stations, serving 113 television markets reaching about 37% of US television households. The company maintains the top-rated television station in 78 markets and first/second highest-rated stations in 99 markets during 2024.

Positive

• Increased available liquidity by $120 million through facility amendments
• Extended AR facility maturity by 2 years to 2028
• Expanded AR facility by $100 million to $400 million total
• Increased revolving credit facility by $20 million to $700 million
• Market leadership position with top-rated stations in 78 markets

Negative

• None.

ATLANTA, March 31, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray” or the “Company”) (NYSE: GTN) today announced that it has increased the aggregate commitments under its revolving accounts receivable securitization facility (the “AR Facility”) by $100 million, resulting in aggregate commitments under the AR Facility of up to $400 million, and extended the maturity of the facility from February 23, 2026 to March 31, 2028.

              The Company also announced that it has increased the commitments under its revolving credit facility (the “Revolver”) by $20 million, resulting in aggregate commitments under the Revolving Credit Facility of $700 million.

              Both the AR Facility and the Revolver are available on a revolving basis and, together, such amendments enhance Gray’s available liquidity by approximately $120 million.

About Gray: 

              Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray’s 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. For more information, please visit www.graymedia.com.

Gray Contacts:

Jeffrey R. Gignac, Executive Vice President, Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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FAQ

How much did Gray Media (GTN) increase its AR securitization facility to in March 2025?

Gray Media increased its AR securitization facility by $100 million to reach $400 million in total commitments.

What is the new maturity date for Gray Media's (GTN) AR facility?

The AR facility's maturity date has been extended to March 31, 2028, from the previous date of February 23, 2026.

How much additional liquidity did Gray Media (GTN) secure through these facility amendments?

The combined amendments to the AR Facility and Revolver enhanced Gray's available liquidity by approximately $120 million.

What is the new total commitment amount for Gray Media's (GTN) revolving credit facility?

Gray Media's revolving credit facility was increased by $20 million to reach $700 million in total commitments.

How many US television markets does Gray Media (GTN) currently serve?

Gray Media serves 113 television markets, reaching approximately 37% of US television households.