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Get filing alertsGray Media refinances debt with new $600M senior secured Term Loan G, extends revolver to 2030, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Filed October 9, 2026 · Period ending October 8, 2026 · ~1 min read
Key Changes
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Gray Media entered into a new $600 million senior secured Term Loan G maturing July 15, 2030, priced at SOFR plus 350 basis points with a 0.5% original issue discount, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Item 1.01 verify on EDGAR → -
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Proceeds from Term Loan G were used to repay a portion of the existing Term D Loan, leaving $150 million outstanding on that loan.
Item 1.01 verify on EDGAR → -
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The revolving credit facility was reduced from $750 million to $680 million and its maturity extended from December 1, 2028 to July 15, 2030.
Item 1.01 verify on EDGAR → -
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Following the refinancing, Gray has no material debt maturities until after the 2026 and 2028 political cycles; nearest maturities are $150 million Term D due Dec 2028 and $350 million of 2029 Notes due July 2029.
Exhibit 99.1 view on EDGAR → -
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The company also filed under Item 2.03, reporting the arrangement as a direct financial obligation.
Item 2.03 verify on EDGAR →
Summary
Gray Media amended its credit agreement, adding a new $600 million senior secured Term Loan G maturing July 15, 2030. The proceeds were used to pay down a portion of the existing Term D Loan, leaving $150 million outstanding. The revolving credit facility was reduced from $750 million to $680 million and its maturity extended to July 15, 2030.
The new term loan carries a margin of 3.50% over Term SOFR, and the revolver pricing remains based on the company's consolidated first lien net leverage ratio. For retail holders, the key takeaway is that Gray has pushed out its debt maturities, with no material maturities until after the 2026 and 2028 political cycles.
The company stated that it has extended maturities across over $1.25 billion of debt and lowered overall borrowing costs. The nearest maturities are now $150 million of Term D due December 2028 and $350 million of 2029 Notes due July 2029. This refinancing reduces near-term refinancing risk and provides more runway through the political advertising cycles that are important to Gray's revenue, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 above is hereby incorporated by reference.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Gray Media amends its credit facility: new $600M senior secured Term Loan G, revolver cut to $680M and extended to 2030, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Added in current filing · verify on EDGAR →
a new $600 million tranche G term loan (the “Term Loan G”) that matures on July 15, 2030
The company added a $600 million senior secured term loan maturing July 15, 2030. Proceeds were used to repay part of the existing Term D Loan, leaving $150 million outstanding on that loan, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Added in current filing · verify on EDGAR →
The Company’s applicable margin with respect to the Term Loan G is 3.50% with respect to Term SOFR Loans and 2.50% for Base Rate Loans.
The new term loan carries a margin of 3.50% over Term SOFR or 2.50% over the Base Rate. The company must also make quarterly principal reductions equal to 0.25% of the initial principal amount.
Added in current filing · verify on EDGAR →
Proceeds from the Term Loan G were used to repay a portion of the Company’s existing Term D Loan maturing on December 1, 2028, leaving $150 million aggregate principal amount outstanding of the Term D Loan
The new $600 million senior secured term loan was used to pay down the existing Term D Loan, reducing its outstanding balance to $150 million. This extends a portion of the company's debt maturity profile, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Added in current filing · verify on EDGAR →
based on Term SOFR plus an applicable margin ranging from 1.75%–2.75% or the Base Rate plus an applicable margin ranging from 0.75%–1.75%, in each case based on the Company’s consolidated first lien net leverage ratio
The revolver continues to be priced based on the company's consolidated first lien net leverage ratio, with margins ranging from 1.75% to 2.75% over Term SOFR. Commitment fees range from 0.250% to 0.400% per annum.
Event · Item 8.01 — Other Events
Gray Media announced the closing of the Seventh Amendment to its credit agreement.
Added in current filing · verify on EDGAR →
announcing the closing of the Seventh Amendment
The company issued a press release announcing that the Seventh Amendment to its credit agreement has closed. The filing does not disclose the specific terms of the amendment, only that the closing occurred.
Event · Exhibit 99.1
Gray Media closed a $600M senior secured Term Loan G and extended its revolver to July 2030, refinancing over $1.25B of debt, secured by a first-priority lien on substantially all assets of the borrower and guarantors.
Added in current filing · view on EDGAR →
the company has successfully extended maturities across an aggregate of over $1.25 billion of debt and lowered its overall borrowing costs, while also extending its revolving credit facility maturity
Combined with the August 2026 notes offering, Gray extended maturities on over $1.25 billion of debt and lowered overall borrowing costs. The company also extended its revolving credit facility maturity.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 12, 2026 · How we verify