GTN: Revenue and earnings fell sharply on impairments, but cash returns and cost discipline remained strong

GTN Ltd reported a 13.4% revenue decline to $156.0m year-over-year, but cost savings and affiliate agreements improved cash flow. Brazil led growth, and Australia saw benefits from cost initiatives. The company expects higher Adjusted EBITDA and full NPATA distribution for FY27.

Gray Media (GTN, GTN.A) closed a $750M offering of 7.5% senior secured notes due 2034. Proceeds will refinance $675M of 10.5% notes due 2029, reducing annual interest costs by $20.3M and improving balance-sheet flexibility. The company also plans to repay $21M in revolving credit borrowings and cover related fees.

Gray Media (GTN) issued $750 million of 7.500% senior secured first-lien notes due 2034 to refinance higher-cost debt. Proceeds will redeem $675 million of 10.500% notes due 2029, repay revolver borrowings, and cover fees. The notes were issued at par and pay interest semiannually.

Gray Media (GTN) closed a $750M offering of 7.500% senior secured notes due 2034. Proceeds will redeem $675M of higher-interest 10.500% notes due 2029, repay $21M of revolving credit, and cover fees. After redemption, $350M of 2029 notes will remain. Notes were sold to institutional buyers under Rule 144A and Regulation S.

Gray Media (NYSE) priced $750M of 7.5% senior secured first lien notes due 2034 at par. Proceeds will redeem part of its 10.5% notes due 2029, repay credit facility borrowings, and cover offering fees. The offering is expected to close on 8/21, subject to conditions.

Gray Media (GTN) shares rose 0.6% to $5.01. Q2 political ad revenue was $83M, but interest expense was $117M. Total revenue rose 9% to $839M, with adjusted EBITDA up 27%. AdImpact forecasts a record $11.6B U.S. election-ad cycle. Gray's high debt levels may limit equity upside.