Gray Announces Revolving Credit Facility increase to $750 million and extension to 2028

Rhea-AI Summary

Gray Media (NYSE:GTN) has announced significant changes to its credit facilities. The company has increased its revolving credit facility by $50 million to $750 million and extended its maturity date from December 1, 2027 to December 1, 2028.

In connection with this amendment and a previously announced $900 million senior secured notes offering, Gray now has $700 million of undrawn availability under the revolving credit facility. The company has also repaid $402.5 million of its term loan F, leaving a $90 million balance and satisfying all mandatory amortization payments before maturity.

Positive

• Increased revolving credit facility capacity by $50M to $750M total
• Extended credit facility maturity by 1 year to December 2028
• $700M available undrawn credit (excluding $8M in letters of credit)
• Repaid $402.5M of term loan F, satisfying all mandatory amortization payments

Negative

• High interest rate of 9.625% on new $900M senior secured notes
• Significant debt load with multiple credit facilities and notes

Insights

Corporate Finance Specialist

Gray's debt restructuring strengthens liquidity with extended credit facility and reduced term loan obligations, improving financial flexibility.

Gray Media has made strategic moves to enhance its financial flexibility through a comprehensive debt restructuring. The company has increased its revolving credit facility by $50 million to $750 million total while extending the maturity date by a full year to December 2028. This expansion provides Gray with significant liquidity, with $700 million now available in undrawn funds (excluding $8 million in outstanding letters of credit).

Simultaneously, Gray has efficiently deployed proceeds from its recent $900 million senior secured notes offering (with a 9.625% interest rate) to repay $402.5 million of its term loan F, reducing that obligation to just $90 million. Notably, this strategic repayment eliminates all mandatory amortization payments prior to the loan's 2029 maturity date.

This financial engineering accomplishes several objectives: (1) it extends debt maturities, reducing near-term refinancing pressure; (2) it increases available liquidity through the expanded revolving facility; and (3) it simplifies the company's debt structure by reducing term loan obligations. For a media company operating in a challenging industry environment, this enhanced financial flexibility provides greater operational runway and potential strategic optionality. The revolving nature of the credit facility also allows Gray to access capital as needed while only paying interest on drawn amounts.

ATLANTA, July 18, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray” or the “Company”) (NYSE: GTN) today announced that it has (i) increased the aggregate commitments under its revolving credit facility (the “Revolving Credit Facility”) by $50 million, resulting in aggregate commitments under the Revolving Credit Facility of $750 million, and (ii) extended the maturity date of the Revolving Credit Facility from December 1, 2027 to December 1, 2028. 

In connection with the amendment and the previously announced offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032 (the “Notes”), there is $700 million of undrawn availability under the Revolving Credit Facility (excluding approximately $8 million of outstanding letters of credit). The Revolving Credit Facility is available on a revolving basis. The Company also repaid $402.5 million of its term loan F due June 4, 2029 (the “Term Loan F”) with the net proceeds from the Notes, leaving an outstanding Term Loan F balance of $90 million and satisfying all of the Company’s mandatory amortization payments prior to maturity.

About Gray: 

Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray’s additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com.

Gray Contacts:

Jeffrey R. Gignac, Executive Vice President, Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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FAQ

What changes did Gray Media (GTN) make to its revolving credit facility in July 2025?

Gray increased its revolving credit facility by $50 million to $750 million and extended the maturity date from December 2027 to December 2028.

How much available credit does GTN have under its revolving facility?

Gray has $700 million of undrawn availability under the revolving credit facility, excluding approximately $8 million of outstanding letters of credit.

What is the remaining balance on Gray Media's Term Loan F after the recent repayment?

After repaying $402.5 million, the remaining balance on Gray's Term Loan F is $90 million.

What are the terms of GTN's new senior secured notes offering?

Gray issued $900 million in senior secured second lien notes with an interest rate of 9.625%, due in 2032.

How many television markets does Gray Media serve in 2024?

Gray serves 113 television markets reaching approximately 37 percent of US television households.