Gray Media Refinances Debt With $600 Million Term Loan and Expands Midwest Sports Coverage
Gray Media, Inc. (NYSE:GTN) completed a debt refinancing by raising a $600 million Term Loan G maturing on July 15, 2030. The loan carries an interest rate of 350 basis points over SOFR with a 0.5% original issue discount. The company also upsized its revolving credit facility to $680 million and added a $75 million delayed draw facility. Proceeds were used to pay off its existing Term Loan D and cover related transaction fees. Shares of the broadcaster were down 6.00% to $4.54 following the announcement.
Alongside its capital structure adjustments, Gray Media, Inc. is broadening its regional television programming across the Midwest. The broadcaster agreed to simulcast 15 Minnesota Timberwolves games from October 2026 to April 2027 across markets in Minnesota and Wisconsin, including Rochester, Duluth, Mankato, and La Crosse–Eau Claire. Additional simulcasting agreements will reach viewers in Missouri, Illinois, Iowa, Kansas, and Indiana, alongside a weekly show featuring the St. Louis Blues.
Investors will be watching how the debt refinancing helps manage interest expenses and debt maturities over the coming years. Market observers will also monitor whether expanded local sports programming can boost viewership and advertising revenue across Gray Media, Inc.'s midwestern broadcast markets.
Key points
- Gray Media, Inc. raised a $600 million Term Loan G due July 2030 at 350 basis points over SOFR.
- The company upsized its revolving credit facility to $680 million and added a $75 million delayed draw to repay Term Loan D.
- The broadcaster will simulcast 15 Minnesota Timberwolves games across select local markets from October 2026 to April 2027.
- Regional coverage expands to markets across Missouri, Illinois, Iowa, Kansas, and Indiana, including a weekly Blues show.
- Shares of Gray Media, Inc. (NYSE:GTN) fell 6.00% to $4.54.
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How we writeDisclaimerQuestions and answers
Why did Gray Media raise a $600 million term loan?
Gray Media raised the $600 million Term Loan G to repay its existing Term Loan D and cover associated transaction fees.
Which basketball games will Gray Media broadcast?
Gray Media will simulcast 15 Minnesota Timberwolves games from October 2026 through April 2027 in markets including Rochester, Duluth, Mankato, and La Crosse–Eau Claire.
What other sports programming is Gray Media adding?
Gray Media is expanding simulcasts across markets in Missouri, Illinois, Iowa, Kansas, and Indiana, and adding a weekly program featuring the St. Louis Blues.