Gray closes $600M term loan to push maturities past 2028 election cycle
What's the deal? Gray MediaDealroom has a profile for this one. Try Dealroom → has closed a new $600 million Term Loan G maturing July 15, 2030, the Atlanta-based broadcaster said on October 8, 2026. It also cut its revolving credit facility from $750 million to $680 million and pushed that maturity out to the same date.
The terms: The term loan was priced at 350 basis points over the Standard Overnight Financing Rate, with an original issue discount of 0.5%. Proceeds repaid part of Gray's existing Term Loan D, leaving $150 million outstanding.
Why now? The deal clears Gray's calendar of material debt maturities until after both the 2026 and 2028 political cycles — key revenue windows for local TV, which cashes in on political advertising. Its nearest maturities are now the $150 million Term Loan D due December 2028 and $350 million of notes due July 2029.
The bigger picture: This follows an August 21, 2026 offering of $750 million in 7.50% senior secured notes due 2034, which repaid $675 million of pricier 10.5% notes due 2029. Together, the moves extend maturities across more than $1.25 billion of debt and lower overall borrowing costs.
What's the endgame? Gray is the largest US owner of top-rated local television stations, serving 117 full-power markets that reach roughly 37% of US television households. It also runs the largest TelemundoDealroom has a profile for this one. Try Dealroom → affiliate group, across 46 markets.
The signal: For a debt-heavy broadcaster, refinancing is less about growth than survival — buying breathing room and cheaper money ahead of two election cycles that drive its ad revenue. At $600 million, this is a sizeable move that ranks in the upper tier of recent raises by scale.
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