Gray Announces Closing of Term Loan and Revolving Credit Facility Refinancing

The combined refinancings extended maturities on over $1.25 billion of debt and lowered overall borrowing costs.

Rhea-AI Summary

Gray Media (NYSE: GTN) closed a new $600 million Term Loan G and extended its revolving credit facility maturity. The loan matures July 15, 2030, carries a margin of 350 basis points over the Standard Overnight Financing Rate and was issued at a 0.5% discount. Proceeds repaid part of Term Loan D and covered related fees and expenses.

The revolver was reduced from $750 million to $680 million, with maturity extended from December 1, 2028 to July 15, 2030; its pricing grid is unchanged. Together with an August 2026 notes offering, the refinancings extended maturities on over $1.25 billion of debt and lowered overall borrowing costs. The nearest maturities are $150 million of Term Loan D in December 2028 and $350 million of notes in July 2029.

5 points · 3 major

MixediHow 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

2 major · 7 points

How the balance works

Positive

• Major pointDebt refinancings extended maturities across over $1.25 billion and lowered overall borrowing costs. 2.5× market cap
• Major pointNew $600 million Term Loan G provided funding to refinance part of Term Loan D. 1.2× market cap
• Major pointAugust 21, 2026 notes offering raised $750 million, with notes due in 2034. 1.5× market cap
• Moderate pointRevolver maturity extended from December 1, 2028 to July 15, 2030, with pricing unchanged.
• Minor pointPrior offering proceeds repaid $675 million of 10.5% notes due 2029.

Negative

• Major pointTerm Loan G carries 350 basis points above the Standard Overnight Financing Rate, maturing July 15, 2030.
• Major pointAugust notes issuance added $750 million of 7.50% senior secured first lien notes due 2034. 1.5× market cap
• Moderate pointRevolving credit capacity decreased from $750 million to $680 million.
• Minor pointTerm Loan G was issued with a 0.5% original issue discount.
• Minor pointRemaining debt includes $150 million of Term Loan D due December 2028.

2 minor points

• Minor pointRemaining $350 million of 2029 Notes matures in July 2029.
• Minor pointTerm Loan G proceeds also paid related fees and expenses.

Key Figures

Term Loan G principal: $600 million Term Loan G maturity: July 15, 2030 Term Loan G pricing margin: 350 basis points +5 more

Term Loan G principal

$600 million

New term loan closed in the refinancing

Term Loan G maturity

July 15, 2030

New Term Loan G

Term Loan G pricing margin

350 basis points

Over the Standard Overnight Financing Rate

Original issue discount

0.5%

Term Loan G issuance

Revolving credit facility

$680 million, reduced from $750 million

Extended revolving credit facility

Revolving facility maturity

July 15, 2030

Extended from December 1, 2028

Debt with maturities extended

Over $1.25 billion

Combined refinancing transactions; the company also reported lower overall borrowing costs

Remaining near-term debt

$150 million Term Loan D; $350 million 2029 Notes

Term Loan D due December 2028; 2029 Notes due July 2029

Key Terms

original issue discount, revolving credit facility, standard overnight financing rate, senior secured first lien notes

4 terms

original issue discount financial

"issued with an original issue discount of 0.5%"

Original issue discount (OID) is the difference between a debt security’s face value and the lower price at which it is first sold, treated as additional interest that accrues over the life of the instrument. For investors it matters because OID raises the effective yield and changes taxable income and the holding’s cost basis over time — think of buying a $100 voucher for $90 and recognizing the $10 gain as earned interest as the voucher approaches maturity.

revolving credit facility financial

"reduced its existing $750 million revolving credit facility to $680 million"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

standard overnight financing rate financial

"over the Standard Overnight Financing Rate"

A standard overnight financing rate is a market-based benchmark that measures the cost of borrowing funds for one business day; it is calculated from actual overnight transactions where lenders provide cash and borrowers post high-quality collateral (secured) or borrow without collateral (unsecured), depending on the specific rate. It is a backward-looking, daily reference rate used to price short-term loans, cash-management products and derivatives, and it reflects only very short-term funding conditions and minimal credit or term risk compared with longer-term interest rates.

senior secured first lien notes financial

"$750 million offering of 7.50% senior secured first lien notes due 2034"

Senior secured first lien notes are debt securities that give holders top priority to be repaid and to seize specific collateral if the borrower defaults. Think of them like being first in line and holding the deed to a valuable asset — this higher claim usually means lower risk and lower interest than unsecured or subordinated debt. Investors care because these notes affect expected return, default recovery and relative safety within a company’s capital structure.

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

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ATLANTA, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today that it has closed a new $600 million Term Loan G maturing July 15, 2030 and has reduced its existing $750 million revolving credit facility to $680 million and extended the maturity date from December 1, 2028 to July 15, 2030. The Term Loan G was priced at a margin of 350 basis points over the Standard Overnight Financing Rate and issued with an original issue discount of 0.5%. The pricing grid on the extended revolving credit facility remains unchanged. Proceeds from the Term Loan G were used to repay a portion of Gray’s existing Term Loan D maturing December 1, 2028, leaving $150 million aggregate principal amount outstanding, and to pay related fees and expenses.

Together with the August 21, 2026 closing of Gray’s $750 million offering of 7.50% senior secured first lien notes due 2034, the proceeds of which were used to, among other items, repay $675 million of Gray’s 10.5% senior secured first lien notes due 2029 (the “2029 Notes”), the company has successfully extended maturities across an aggregate of over $1.25 billion of debt and lowered its overall borrowing costs, while also extending its revolving credit facility maturity.

Following these refinancing transactions, Gray has no material debt maturities until after both the 2026 and 2028 political cycles. The company’s nearest maturities now consist of the remaining $150 million aggregate principal amount outstanding under its Term Loan D due in December 2028 and the remaining $350 million of its 2029 Notes due in July 2029.

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.  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.

What are the terms of Gray Media's new Term Loan G?

Gray Media closed a $600 million Term Loan G maturing July 15, 2030, priced at 350 basis points over the Standard Overnight Financing Rate. It was issued with a 0.5% original issue discount. Proceeds repaid part of Term Loan D and paid related fees and expenses.

How did Gray Media change its revolving credit facility?

Gray Media reduced its revolving credit facility from $750 million to $680 million and extended its maturity from December 1, 2028 to July 15, 2030. The pricing grid remains unchanged.

What debt did Gray Media repay with its August 2026 notes offering?

Proceeds from Gray Media's August 21, 2026 offering repaid $675 million of its 10.5% senior secured first lien notes due 2029, among other uses. The offering totaled $750 million of 7.50% senior secured first lien notes due 2034.