Gray Media to redeem $150 million of 2029 notes via new term loan

Gray Media, Inc. has expanded its existing term loan facility by $75 million. The Atlanta-based broadcaster announced the financing move on October 9, 2026, stating that the new funds will be used to redeem a portion of its senior secured notes.

The company issued a conditional notice of partial redemption to holders of its 10.500% senior secured notes due 2029, identifying the transaction as the "2029 Notes Redemption." Gray intends to redeem $150 million of the outstanding principal amount of these notes on October 19, 2026. This redemption is explicitly conditioned upon the funding of the incremental term loan, which is expected to become available on a delayed draw basis once customary conditions are satisfied on or prior to that date.

Upon funding, the $75 million incremental term loan will carry terms identical to, and be fungible with, the existing Term Loan G. Gray expects to use the net proceeds from this new borrowing, along with cash on hand, to cover the redemption cost as well as associated fees and expenses. These expenses include the call premium and accrued and unpaid interest on the notes being redeemed.

The 2029 Notes will be redeemed at 105.250% of their principal amount, plus accrued and unpaid interest to the redemption date. Following the consummation of these transactions, Gray expects to have an outstanding aggregate principal amount of $200 million in 2029 Notes and $675 million in Term Loan G.

Gray Media describes itself as a multimedia company and 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 largest Telemundo Affiliate group, spanning 46 markets, and digital assets under Gray Digital Media. Additional properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as studio production facilities Assembly Atlanta and Third Rail Studios.

The company noted that its press release contains forward-looking statements based on current expectations. Gray identified specific risks associated with these transactions, including the funding of the incremental term loan and its ability to consummate the 2029 Notes Redemption. The company stated that actual results could differ materially from those expressed in its forward-looking statements due to various estimates, assumptions, and events beyond its control.