Gray Media increased its revolving credit facility by $50 million and extended its maturity to 2028 while repaying $402.5 million of debt.
Quiver AI Summary
Gray Media, Inc. has announced an increase in its revolving credit facility by $50 million, bringing the total commitments to $750 million, and extending its maturity date to December 1, 2028. As part of this financial strategy, the company has also initiated an offering of $900 million in senior secured second lien notes due in 2032, and now has $700 million available under the credit facility after repaying $402.5 million of its term loan. Gray Media, headquartered in Atlanta, is a leading multimedia company owning top-rated local television stations and digital assets across 113 markets, reaching about 37% of U.S. television households. The firm also operates Gray Digital Media and several video production companies.
Potential Positives
- Gray Media, Inc. has successfully increased its revolving credit facility by $50 million, bringing the total to $750 million, which enhances its financial flexibility.
- The extension of the maturity date for the revolving credit facility to December 1, 2028, allows the company more time for financial planning and stability.
- With $700 million of undrawn availability under the revolving credit facility, Gray Media is well-positioned for future investments and operational needs.
- The repayment of $402.5 million of its term loan improves the company's balance sheet and reduces future financial liabilities.
Potential Negatives
- The increase in the company's revolving credit facility and extension of the maturity date may indicate cash flow issues or operational challenges necessitating additional borrowing capacity.
- Issuing $900 million of senior secured second lien notes could signal reliance on debt financing, raising concerns about the company's long-term financial stability and increasing interest burden.
- The significant outstanding balance remaining on Term Loan F after repayment suggests ongoing debt obligations that may impact future financial flexibility.
FAQ
What recent financial changes did Gray Media announce?
Gray Media increased commitments under its revolving credit facility by $50 million and extended its maturity date to December 1, 2028.
How much undrawn availability is left in Gray's Revolving Credit Facility?
There is $700 million of undrawn availability under the Revolving Credit Facility, excluding about $8 million in outstanding letters of credit.
What is the status of Gray Media's Term Loan F?
Gray Media repaid $402.5 million of its Term Loan F, leaving an outstanding balance of $90 million.
How does Gray Media rank in the television market?
Gray Media is the nation’s largest owner of local television stations, serving 113 markets and reaching approximately 37% of US households.
What services does Gray Digital Media offer?
Gray Digital Media provides national and local clients with digital marketing strategies and advanced digital products and services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GTN Insider Trading Activity
$GTN insiders have traded $GTN stock on the open market 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $GTN stock by insiders over the last 6 months:
- RICHARD LEE BOGER sold 16,000 shares for an estimated $61,552
- JEFFREY R GIGNAC (Executive Vice President, CFO) purchased 12,500 shares for an estimated $46,000
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$GTN Hedge Fund Activity
We have seen 107 institutional investors add shares of $GTN stock to their portfolio, and 98 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CAPITAL MANAGEMENT CORP /VA added 1,103,690 shares (+19.2%) to their portfolio in Q1 2025, for an estimated $4,767,940
- PACER ADVISORS, INC. added 1,053,023 shares (+inf%) to their portfolio in Q1 2025, for an estimated $4,549,059
- SCHONFELD STRATEGIC ADVISORS LLC added 734,945 shares (+205.5%) to their portfolio in Q1 2025, for an estimated $3,174,962
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 734,085 shares (+60.0%) to their portfolio in Q1 2025, for an estimated $3,171,247
- MARSHALL WACE, LLP removed 632,292 shares (-54.4%) from their portfolio in Q1 2025, for an estimated $2,731,501
- CITADEL ADVISORS LLC added 597,013 shares (+469.8%) to their portfolio in Q1 2025, for an estimated $2,579,096
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 468,827 shares (-39.2%) from their portfolio in Q1 2025, for an estimated $2,025,332
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$GTN Analyst Ratings
Wall Street analysts have issued reports on $GTN in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Benchmark issued a "Buy" rating on 05/06/2025
- Guggenheim issued a "Buy" rating on 03/10/2025
To track analyst ratings and price targets for $GTN, check out Quiver Quantitative's $GTN forecast page.
$GTN Price Targets
Multiple analysts have issued price targets for $GTN recently. We have seen 3 analysts offer price targets for $GTN in the last 6 months, with a median target of $7.0.
Here are some recent targets:
- Steven Cahall from Wells Fargo set a target price of $4.5 on 05/12/2025
- Daniel Kurnos from Benchmark set a target price of $7.0 on 05/06/2025
- Curry Baker from Guggenheim set a target price of $7.0 on 03/10/2025
Full Release
ATLANTA, July 18, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray” or the “Company”) (NYSE: GTN) today announced that it has (i) increased the aggregate commitments under its revolving credit facility (the “Revolving Credit Facility”) by $50 million, resulting in aggregate commitments under the Revolving Credit Facility of $750 million, and (ii) extended the maturity date of the Revolving Credit Facility from December 1, 2027 to December 1, 2028.
In connection with the amendment and the previously announced offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032 (the “Notes”), there is $700 million of undrawn availability under the Revolving Credit Facility (excluding approximately $8 million of outstanding letters of credit). The Revolving Credit Facility is available on a revolving basis. The Company also repaid $402.5 million of its term loan F due June 4, 2029 (the “Term Loan F”) with the net proceeds from the Notes, leaving an outstanding Term Loan F balance of $90 million and satisfying all of the Company’s mandatory amortization payments prior to maturity.
About Gray:
Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray’s additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com .
Gray Contacts:
Jeffrey R. Gignac
, Executive Vice President, Chief Financial Officer, 404-504-9828
Kevin P. Latek
, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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