Gray Media, Inc. (NYSE: GTN) announced it has closed a new $600 million Term Loan G maturing July 15, 2030, and reduced its existing revolving credit facility from $750 million to $680 million while extending its maturity from December 1, 2028 to July 15, 2030.

The Term Loan G was priced at a margin of 350 basis points over the Standard Overnight Financing Rate and issued with an original issue discount of 0.5%. Proceeds from the Term Loan G were used to repay a portion of Gray's existing Term Loan D maturing December 1, 2028, leaving $150 million in aggregate principal outstanding, along with related fees and expenses.

The transaction follows Gray's August 21, 2026 closing of a $750 million offering of 7.50% senior secured first lien notes due 2034, proceeds of which were used in part to repay $675 million of its 10.5% senior secured first lien notes due 2029. Combined, the company says it has extended maturities across more than $1.25 billion of debt and lowered overall borrowing costs.

Following these transactions, Gray's nearest debt maturities are $150 million remaining under Term Loan D due December 2028 and $350 million of its senior secured first lien notes due July 2029. The Atlanta-based company states it has no material debt maturities until after both the 2026 and 2028 political cycles.