05:57 PM EDT, 05/15/2024 (MT Newswires) -- Gray Television ( GTN ) said late Wednesday that it commenced a refinancing process for its $1.15 billion term loan due 2026 and up to $450 million of its 5.875% senior notes due 2026.

The company plans to extend a "significant portion of its near-term debt maturities."

The company said it is targeting refinancing the outstanding debt with about $750 million of new senior secured term loans maturing in 2029 and roughly $750 million of additional senior secured debt, together with cash on hand and borrowings of about $100 million under its revolving credit facility due 2027.

In addition, Gray said it received commitments to increase its revolving credit facility that will mature on Dec. 31, 2027, to $680 million from $552.5 million.