Gray Media said it has arranged a $75 million incremental term loan that will lift its Term Loan G to $675 million from $600 million, while it moves to retire $150 million of its 10.500% senior secured notes due 2029.
The company expects the new borrowing to be available on a delayed-draw basis by Oct. 19, 2026, assuming customary conditions are met. Gray said the net proceeds, together with cash on hand, will be used to fund the note redemption and cover fees and expenses tied to the transaction.
As a result of the refinancing, Gray expects its outstanding 2029 notes balance to fall from $350 million to $200 million, a reduction of 43%. The company also expects its Term Loan G balance to rise from $600 million to $675 million, an increase of 12.5%.
Gray said the 2029 notes will be redeemed at 105.250% of principal, plus accrued and unpaid interest. That means the company will pay a 5.25% premium on the $150 million being redeemed, before interest.
After the transaction, Gray expects to have $200 million of 2029 notes outstanding and $675 million of Term Loan G outstanding. As a result of these announcements, the company's shares have moved -6.0% on the market, and are now trading at a price of $4.54. For more information, read the company's full 8-K submission here.
