Gray Media increases revolving credit facility to $750 million

Gray Media, Inc. (NYSE: GTN) announced it has increased its revolving credit facility by $50 million to $750 million and extended the maturity date from December 1, 2027 to December 1, 2028.

The Atlanta-based multimedia company said it has $700 million of undrawn availability under the facility, excluding approximately $8 million of outstanding letters of credit. The credit facility is available on a revolving basis.

Gray Media also repaid $402.5 million of its term loan F due June 4, 2029, using net proceeds from a previously announced $900 million offering of 9.625% senior secured second lien notes due 2032. The repayment leaves an outstanding term loan F balance of $90 million and satisfies all mandatory amortization payments prior to maturity.

Gray Media operates as the owner of local television stations and digital assets serving 113 television markets that reach approximately 37 percent of US television households. The company's portfolio includes 78 markets with top-rated television stations and 99 markets with the first or second highest rated television station during 2024.

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