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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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.
Insights
Gray Media's expansion of its credit facilities represents a meaningful enhancement to its financial flexibility. The $100 million increase in the AR securitization facility to
The extension of the AR facility's maturity by two years to 2028 is particularly valuable as it reduces refinancing risk and creates a more stable long-term capital structure. For media companies operating in a rapidly evolving landscape, this type of financial cushion provides important operational stability.
The willingness of lenders to not only maintain but increase these facilities signals external confidence in Gray's financial health and business model. For a company that reaches approximately
While the announcement doesn't specify interest rates or other terms, the successful expansion and extension of these facilities during the current interest rate environment suggests Gray maintained reasonable borrowing costs while enhancing its financial position. This improved liquidity profile gives management more options to navigate industry challenges or pursue strategic opportunities.
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
The Company also announced that it has increased the commitments under its revolving credit facility (the “Revolver”) by
Both the AR Facility and the Revolver are available on a revolving basis and, together, such amendments enhance Gray’s available liquidity by approximately
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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