Forex News
Gray closes $600 million refinancing package
Gray Media closed a $600 million Term Loan G and trimmed its revolver to $680 million, extending both maturities to July 15, 2030.
- Gray closed a new $600 million Term Loan G.
- It cut its revolving credit facility to $680 million and pushed maturity to July 15, 2030.
- Proceeds repaid part of Term Loan D and covered fees and expenses.
Gray Media closed a new $600 million Term Loan G on Oct. 8, 2026. The loan matures July 15, 2030.
The company also reduced its existing $750 million revolving credit facility to $680 million. It extended the facility’s maturity from Dec. 1, 2028 to July 15, 2030.
The Term Loan G carried a margin of 350 basis points over the Standard Overnight Financing Rate. It was issued with an original issue discount of 0.5%.
Gray said proceeds repaid part of its existing Term Loan D, which matures Dec. 1, 2028. The refinancing left $150 million aggregate principal amount outstanding and also paid related fees and expenses.
The company said the new financing followed the Aug. 21, 2026 closing of its $750 million offering of 7.50% senior secured first lien notes due 2034. Proceeds from that deal were used, among other items, to repay $675 million of Gray’s 10.5% senior secured first lien notes due 2029.
Gray said the transactions extended maturities across more than $1.25 billion of debt and lowered its overall borrowing costs. It also said it now has no material debt maturities until after the 2026 and 2028 political cycles.
The nearest maturities are the remaining $150 million under Term Loan D in December 2028 and the remaining $350 million of the 2029 Notes in July 2029.
Source: GlobeNewswire,