Gray Media has closed a new $600 million Term Loan G maturing July 15, 2030, and reduced its existing $750 million revolving credit facility to $680 million while extending that facility's maturity 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%, with the pricing grid on the extended revolver unchanged. Proceeds 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, whose proceeds helped repay $675 million of its 10.5% senior secured first lien notes due 2029, the company has extended maturities across an aggregate of over $1.25 billion of debt and lowered its overall borrowing costs. Following these transactions, Gray has no material debt maturities until after both the 2026 and 2028 political cycles, with its nearest maturities now the remaining $150 million under Term Loan D due in December 2028 and the remaining $350 million of its 2029 Notes due in July 2029.
Gray Television IncGray closed a $600M Term Loan G and extended its revolver to 2030, refinancing debt to push out maturities past the 2026/2028 political cycles and lower borrowing costs.
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