7/104 sources · 4 publishersUpdated Oct 9, 20:37 UTC
Gray Media adds $75 million to term loan and redeems $150 million of 2029 notes
Gray Media announced an amendment to increase its Term Loan G by $75 million on a delayed‑draw basis, with funding expected on or before October 19, 2026. The proceeds and cash on hand will be used to redeem $150 million of its 10.500% senior secured notes due 2029 at 105.250% of principal plus accrued interest. After the transactions, the company will have $675 million of Term Loan G and $200 million of 2029 notes outstanding.
Why it matters
The company expects the swap of higher‑coupon notes for term‑loan debt to lower its overall cost of capital, and the announcement sent the stock down 5.3% in after‑hours trading.
Key facts
- 1Gray Media increased its $600 million term loan by $75 million (the Incremental TLG). globenewswire.com
- 2The Incremental TLG is a delayed‑draw facility expected to be funded on or before October 19, 2026. globenewswire.com
- 3Gray will redeem $150 million of its 10.500% senior secured notes due 2029 at 105.250% of principal plus accrued interest. globenewswire.com
- 4After the redemption, $200 million of the 2029 notes will remain outstanding. globenewswire.com
- 5Post‑transaction, Gray expects $675 million of Term Loan G to be outstanding. globenewswire.com
- 6Gray Television shares fell 5.3% after the announcement. financialcontent.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.