Gray Media closes $600M Term Loan G, trims revolver to $680M; maturities pushed past 2028

GRAY MEDIA, INC

$600M Term Loan G priced at SOFR + 350 bps with 0.5% original issue discount; matures July 15, 2030; proceeds repaid part of Term Loan D, leaving $150M outstanding.
Revolver commitments cut from $750M to $680M and maturity extended from December 1, 2028 to July 15, 2030; pricing grid unchanged.
Term Loan G and revolver carry springing maturities 91 days before Term D or the 2029 1L Notes if more than $200M of either remains outstanding.
Recaps August 21, 2026 closing of $750M of 7.50% senior secured first lien notes due 2034, proceeds used to repay $675M of 10.5% senior secured first lien notes due 2029.
Gray says refinancings extended maturities on over $1.25B of debt and lowered borrowing costs; nearest maturities are $150M Term Loan D (Dec 2028) and $350M of 2029 Notes (July 2029).

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