Gray Media, Inc. (NYSE: GTN) announced on October 9, 2026, that it has entered into an eighth amendment to its Fifth Amended and Restated Credit Agreement. The amendment provides for an increase to the aggregate principal amount of the company's Term Loan G due July 15, 2030. The term loan is being increased by $75 million, resulting in a total aggregate principal amount of $675 million.
The $75 million incremental increase, referred to as the Term Loan G Incremental Increase, will be available on a delayed draw basis. The company expects all customary closing conditions to be satisfied on or prior to October 19, 2026.
Proceeds from the incremental term loan, combined with the company's existing cash on hand, are intended to be used for two primary purposes. First, the company will redeem $150 million of its outstanding 10.500% senior secured first lien notes due 2029. Second, the funds will cover fees and expenses associated with the amendment and the redemption.
In connection with the amendment, Gray Media issued a conditional notice of partial redemption to the holders of the 2029 Notes. The redemption is scheduled for October 19, 2026, and is contingent upon the funding of the incremental term loan. If the redemption proceeds, the notes will be bought back at a price of 105.250% of their principal amount, plus any accrued and unpaid interest.
Upon the completion of these transactions, Gray Media expects to have an outstanding aggregate principal amount of $200 million of the 2029 Notes and $675 million of Term Loan G.
