Gray Media completes $600 million term loan and reduces revolving credit facility, extending debt maturities to 2030
Gray Media Inc. closed a $600 million term loan that matures on July 15 2026? 2030 and cut its revolving credit facility from $750 million to $680 million, pushing the facility’s maturity to July 15 2030. The loan carries a spread of 350 basis points over the Standard Overnight Financing Rate and includes a 0.5 % original issue discount. Proceeds were used to repay part of Term Loan D and to cover transaction fees. The refinancing, together with a $750 million note issuance in August 2026, now pushes more than $1.25 billion of debt beyond the 2028‑2029 horizon.
Why it matters
Gray Media says the refinancing lowers its overall borrowing costs and eliminates material debt maturities until after 2028, which should improve its liquidity profile. The company’s investors can expect reduced interest expense and a longer runway for debt repayment.
Key facts
- 1Gray Media closed a $600 million term loan that matures on July 15 2030. globenewswire.com
- 2The revolving credit facility was reduced from $750 million to $680 million and its maturity was extended to July 15 2030. globenewswire.com
- 3The loan’s interest spread is 350 basis points over the Standard Overnight Financing Rate and it carries an original issue discount of 0.5 %. globenewswire.com
- 4Proceeds were used to repay a portion of Term Loan D, leaving $150 million outstanding, and to pay fees and expenses. globenewswire.com
- 5Combined with the August 21 2026 $750 million senior secured note issuance, the refinancing extends maturities across more than $1.25 billion of debt. globenewswire.com
- 6Gray Media now has no material debt maturities until after 2028, with the nearest being $150 million of Term Loan D due December 2028 and $350 million of 2029 notes due July 2029. globenewswire.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.