The refinancing removes near-term maturity overhang through 2028, but the company still carries $150M Term D (Dec 2028) and $350M 2029 Notes (July 2029) as nearest maturities. Monitor the pace of free cash flow generation and leverage trajectory ahead of those dates.
Price Chart
Executive Summary
Gray Media closed a $600 million Term Loan G (maturing July 15, 2030) and reduced its revolving credit facility from $750 million to $680 million, extending the maturity to July 15, 2030. Proceeds repaid a portion of the existing Term Loan D, leaving $150 million outstanding, and repaid outstanding revolver borrowings. The company also highlighted its August 2026 $750 million 7.50% senior secured first lien notes due 2034 issuance that repaid $675 million of 10.5% 2029 Notes, extending over $1.25 billion of debt maturities and lowering borrowing costs.
Key Financial Metrics
Key Facts
- New $600 million Term Loan G matures July 15, 2030, priced at SOFR + 3.50% with 0.5% OID
- Revolving credit facility reduced from $750 million to $680 million, maturity extended from Dec 1, 2028 to July 15, 2030
- Term Loan G proceeds used to repay Term Loan D to $150 million outstanding and repay revolving loans
- August 2026 $750 million 7.50% senior secured first lien notes due 2034 repaid $675 million of 10.5% 2029 Notes
- No material debt maturities until after 2026 and 2028 political cycles; nearest maturities are $150M Term Loan D (Dec 2028) and $350M 2029 Notes (July 2029)
- Quarterly principal amortization on Term Loan G is 0.25% of initial principal ($1.5M per quarter)
Financial Impact
Refinancing extends maturities on over $1.25 billion of debt and lowers borrowing costs; $600M new term loan at SOFR+3.50% replaces higher-cost debt; $70M reduction in revolver capacity
Risk Factors
- Remaining $150M Term Loan D and $350M 2029 Notes still represent material near-term maturities
- Revolver reduced by $70M, slightly tightening liquidity buffer
- Advertising revenue cyclicality tied to political cycle could pressure cash flows in off-years
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-032392 |
| Exhibit: ex_1023832.htm | 0001437749-26-032392 |
| Document: gtn20261008_8k.htm | 0001437749-26-032392 |
| Document: 0001437749-26-032392-index-headers.html | 0001437749-26-032392 |
| Document: 0001437749-26-032392-index.html | 0001437749-26-032392 |
| Document: 0001437749-26-032392.txt | 0001437749-26-032392 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $4.55 | awaiting T+5 | — | $4.39 (−3.30%) |
Oct 20, 2026 6d ago | Press Release | $4.63 | awaiting T+5 | — | $4.39 (−5.08%) |
Oct 15, 2026 11d ago | Press Release | $4.46 $4.70 | ▲ +5.38% | ▲ +6.40% | $4.39 (−1.46%) |
Oct 9, 2026 17d ago | 8-K | $4.43 $4.48 | ▲ +1.13% | ▲ +2.62% | $4.39 (−0.79%) |
Oct 9, 2026 18d ago | 8-K | $4.54 $4.38 | ▼ −3.52% | ▼ −1.56% | $4.39 (−3.19%) |
Oct 2, 2026 24d ago | Press Release | $4.54 $4.54 | · 0.00% | ▼ −1.16% | $4.39 (−3.19%) |
Sep 28, 2026 29d ago | 8-K | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.39 (−4.25%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.39 (−4.25%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.39 (−4.25%) |
Sep 23, 2026 4w ago | Press Release | $4.58 $4.50 | ▼ −1.75% | ▼ −1.07% | $4.39 (−4.04%) |
US Market Status
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