secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2024-06-04T23:59:59+00:00
Accession:  0001437749-24-019216
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774924019216/0001437749-24-019216-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774924019216/gtn20240603_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-019216

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