Gray Television issues $1.25B 10.5% notes due 2029, refinances $1.15B term loan, upsizes revolver to $680M

GRAY MEDIA, INC

Issued $1.25B of 10.5% senior secured first lien notes due July 2029 at par; proceeds repay $1.2B tranche E term loan due 2026 and help repurchase 5.875% notes due 2026.
New $500M tranche F term loan due June 2029 at SOFR+5.25%; revolver increased $127.5M to $680M, maturing Dec 2027; $72.5M tranche terminated.
Tendered $690M (98.58%) of outstanding 5.875% senior notes due 2026; next debt maturity now May 2027 (7% notes); near-term refinancing risk reduced.
Combined with Feb 2024 revolver upsizing, total revolver capacity $680M with maturity Dec 2027; company has no debt due until after 2026 political cycles.

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