Gray Media Upsizes Term Loan G by $75M and Redeems $150M of 10.5% 2029 Notes
GTN sits 29% above its 52-week low of $3.553.
Summary
Gray Media upsized its Term Loan G by $75 million to $675 million and will redeem $150 million of 10.5% 2029 notes at 105.25% of par on October 19, 2026, continuing its debt refinancing program.
Key Events · Financing and Capital Events · GTN
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Term Loan G Upsized by $75M
Gray Media entered an eighth amendment to its credit agreement increasing Term Loan G from $600 million to $675 million. The incremental $75 million is available on a delayed draw basis, expected funded by October 19, 2026.
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$150M of 10.5% 2029 Notes to Be Redeemed
Gray issued a conditional notice of partial redemption for $150 million of its 10.500% senior secured notes due 2029 at 105.250% of principal plus accrued interest, expected October 19, 2026, conditioned on funding the incremental term loan.
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Interest Expense Reduction
The new Term Loan G bears interest at Term SOFR + 3.50% (or Base Rate + 2.50%), replacing 10.5% coupon debt. After the transactions, Gray expects $200 million of 2029 notes and $675 million of Term Loan G outstanding.
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Continued Refinancing Program
This follows Gray's $750 million 7.500% notes offering in August 2026 and $120 million senior note repurchase in July 2026, part of an ongoing effort to lower borrowing costs and extend debt maturities.
Analysis · GTN · Technology
Gray Media is refinancing high-cost debt. The company added $75 million to its recently closed $600 million Term Loan G, bringing the total to $675 million, and will use the proceeds plus cash on hand to redeem $150 million of its 10.500% senior secured notes due 2029 at 105.250% of par. The redemption is expected October 19, 2026, conditioned on funding the incremental loan. This continues a multi-month deleveraging and refinancing push — Gray repurchased $120 million of senior notes in July, issued $750 million of 7.500% notes in August, and closed the $600 million Term Loan G earlier today. Swapping 10.5% coupon debt for a term loan priced at SOFR + 3.50% reduces interest expense and extends maturities, but the redemption premium and fees add near-term cash costs.
How filings like this one have moved
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At the time of this filing, GTN was trading at $4.57 on NYSE in the Technology sector, with a market capitalization of approximately $469.4M. The 52-week trading range was $3.55 to $6.44. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.