Gray Media said it will add $75 million to its existing $600 million term loan due July 15, 2030, lifting that facility to $675 million once the delayed-draw borrowing closes, which it expects by Oct. 19, 2026.
The company plans to use the new borrowing, along with cash on hand, to redeem $150 million of its 10.500% senior secured notes due 2029. That redemption would leave $200 million of the 2029 notes still outstanding.
The notes will be redeemed at 105.250% of principal, meaning Gray will pay a 5.25% premium on the $150 million being retired, plus accrued and unpaid interest. Gray said the financing and redemption costs also include fees and expenses tied to the transaction.
After the refinancing steps are completed, Gray expects its debt stack to include $675 million of term loan G and $200 million of 2029 notes. As a result of these announcements, the company's shares have moved 1.26% on the market, and are now trading at a price of $4.83. For the full picture, make sure to review GRAY MEDIA, INC's 8-K report.
