Gray closes $600 million term loan refinancing

Gray Media said on Oct. 8, 2026 that it had closed a new $600 million Term Loan G due July 15, 2030, reduced its existing $750 million revolving credit facility to $680 million and extended that facility’s maturity from Dec. 1, 2028 to July 15, 2030.

The term loan was priced at a margin of 350 basis points over the Standard Overnight Financing Rate and carried an original issue discount of 0.5%. Gray said the pricing grid on the extended revolving credit facility remained unchanged.

Proceeds from the Term Loan G were used to repay part of Gray’s existing Term Loan D, which matures on Dec. 1, 2028, leaving $150 million of principal outstanding. The money also went toward related fees and expenses.

Gray also pointed to an Aug. 21, 2026 closing of a $750 million offering of 7.50% senior secured first lien notes due 2034, saying those proceeds were used, among other things, to repay $675 million of its 10.5% senior secured first lien notes due 2029. Taken together, the refinancing transactions extend maturities across more than $1.25 billion of debt and lower overall borrowing costs, according to the company, while also extending the revolving credit facility maturity.

After those transactions, Gray said it has no material debt maturities until after both the 2026 and 2028 political cycles. The nearest maturities are the remaining $150 million under Term Loan D due in December 2028 and the remaining $350 million of the 2029 Notes due in July 2029.