Gray Media, Inc. amended its senior credit facility to increase its Term Loan G by an incremental $75 million, bringing the total principal amount of the loan to $675 million. The proceeds, along with cash on hand, are intended to fund a partial redemption of $150 million of its 10.500% senior secured notes due 2029, a move aimed at refinancing higher-cost debt.
Key Details
- Credit Facility Amendment: On October 9, 2026, the company entered into an eighth amendment to its credit agreement, providing a $75 million incremental increase to its Term Loan G due 2030.
- Note Redemption: The company has issued a notice to redeem $150 million of its 10.500% senior secured first lien notes due 2029. The redemption price is 105.250% of the principal amount, plus accrued and unpaid interest.
- Timeline & Contingency: The redemption is scheduled for October 19, 2026, and is conditional upon the successful funding of the $75 million Term Loan G increase, which is expected on or before that date.