Gray Media, Inc. announced on October 8, 2026, the closing of a seventh amendment to its Fifth Amended and Restated Credit Agreement. The amendment, executed by the company and Wells Fargo Bank, National Association as administrative agent, introduces a new $600 million term loan and modifies the company's revolving credit facility.
The new Term Loan G, which matures on July 15, 2030, was priced at a margin of 350 basis points over the Standard Overnight Financing Rate and issued with an original issue discount of 0.5%. The company has the option to pay interest at either Term SOFR plus a 3.50% margin or the Base Rate plus a 2.50% margin. Additionally, the company is required to make quarterly principal reductions on the Term Loan G equal to 0.25% of the initial aggregate principal amount.
Proceeds from the Term Loan G were used to repay a portion of the company's existing Term Loan D maturing on December 1, 2028. This repayment left $150 million of the Term Loan D outstanding. The amendment also reduced the company's revolving credit facility commitments from $750 million to $680 million and extended the facility's maturity date from December 1, 2028, to July 15, 2030. Interest on the revolving facility is based on Term SOFR or the Base Rate plus margins ranging from 1.75% to 2.75% and 0.75% to 1.75%, respectively, depending on the company's consolidated first lien net leverage ratio.
Gray Media stated that, combined with a $750 million offering of senior secured first lien notes issued on August 21, 2026, the company has extended maturities across an aggregate of over $1.25 billion of debt. The company noted that it has no material debt maturities until after the 2026 and 2028 political cycles, with the nearest maturities being the remaining $150 million of Term Loan D due in December 2028 and $350 million of 2029 Notes due in July 2029.
