Gray Media Closes $600M Term Loan, Extends Revolver to 2030
GTN sits 36% above its 52-week low of $3.553.
Summary
Gray Media closed a new $600 million Term Loan G due July 15, 2030, with springing maturity tied to Term D and 2029 notes, and cut its revolving credit facility to $680 million while extending its maturity to July 15, 2030. The term loan was priced at SOFR plus 350 basis points with a 0.5% original issue discount. Proceeds repaid a portion of Term Loan D, leaving $150 million outstanding. Combined with the August notes offering, Gray has extended over $1.25 billion of debt maturities and lowered borrowing costs, with no material maturities until after the 2026 and 2028 political cycles. This follows the August 21 closing of the $750 million notes offering that redeemed higher-cost 2029 notes. The refinancing reduces near-term refinancing risk and interest expense, a positive for a company with a $502 million market cap.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — The 8-K details the Seventh Amendment: Term Loan G matures July 15, 2030, with springing maturity tied to Term D and 2029 notes; revolver commitments reduced to $680 million and extended to July 15, 2030.
At the time of this announcement, GTN was trading at $4.83 on NYSE in the Trade & Services sector, with a market capitalization of approximately $501.9M. The 52-week trading range was $3.55 to $6.44. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.