Gray Media closes $600 million term loan and refinances debt

Atlanta, GA - October 8, 2026 - Gray Media, Inc. (NYSE: GTN) announced the closing of a new $600 million Term Loan G maturing on July 15, 2030. The Atlanta-based company also reduced its existing revolving credit facility from $750 million to $680 million and extended its maturity date from December 1, 2028, to July 15, 2030.

The Term Loan G was priced with a margin of 350 basis points over the Standard Overnight Financing Rate and carried an original issue discount of 0.5%. The pricing grid for the extended revolving credit facility remains unchanged. Gray used the proceeds from the new term loan to repay a portion of its existing Term Loan D, which matures on December 1, 2028, and to pay related fees and expenses. This repayment leaves $150 million in aggregate principal amount outstanding on the Term Loan D.

This transaction follows the August 21, 2026, closing of Gray's $750 million offering of 7.50% senior secured first lien notes due in 2034. The company used those proceeds to repay $675 million of its 10.5% senior secured first lien notes due in 2029, known as the 2029 Notes. As a result of these refinancing transactions, Gray has extended maturities across an aggregate of over $1.25 billion in debt while lowering overall borrowing costs.

The company stated that it has no material debt maturities until after both the 2026 and 2028 political cycles. The nearest remaining maturities consist of the $150 million outstanding under the Term Loan D due in December 2028 and the remaining $350 million of the 2029 Notes due in July 2029.

Gray Media is a multimedia company headquartered in Atlanta, Georgia, and is described as the nation's largest owner of top-rated local television stations and digital assets. The company serves 117 full-power television markets that collectively reach approximately 37% of US television households. Its portfolio includes the top-rated television station in 78 markets and the first or second highest rated station in 101 markets, based on average all-day ratings across the 116 markets measured by Nielsen in 2025.

Additional properties include the largest Telemundo Affiliate group spanning 46 markets and Gray Digital Media, a full-service digital agency. The company also owns video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, along with studio production facilities Assembly Atlanta and Third Rail Studios.