Gray Television, Inc. announced the commencement of a refinancing process for its existing $1.15 billion term loan due 2026 and up to $450 million of its 5.875% senior notes due 2026, with the goal of extending a significant portion of its near-term debt maturities. Overall, the Company is targeting refinancing that outstanding debt with approximately $750 million of new senior secured term loans maturing in 2029 and approximately $750 million of additional senior secured debt, together with cash on hand and borrowings of approximately $100 million under its revolving credit facility due 2027. In addition, Gray announced that it has received commitments to increase its revolving credit facility maturing on December 31, 2027, from $552.5 million to $680 million.

Upon closing of this upsized revolver, Gray intends to terminate a separate $72.5 million revolving credit facility maturing on December 1, 2026. Upon completion of these latest revolver transactions, and in combination with the February 2024 upsizing and extension of its revolver, Gray will have increased its total capacity under, and extended, its revolver from $500 million with varying maturity dates in 2026, to $680 million with a maturity date of December 31, 2027, reflecting strong support from banking partners. The terms of the proposed refinancing transactions will be disclosed upon completion of the transactions.

The proposed refinancings will be subject to market and customary closing conditions, and no assurance can be provided about the timing, terms, or interest rate associated with the planned refinancing, or that the refinancing transactions will be completed.