Gray TV refinances $1.1895B term loan, swaps LIBOR for Term SOFR via cashless exchange

GRAY MEDIA, INC

First Amendment replaces LIBOR with Term SOFR for $1,189,500,000 Term Loan C, exchanged for Term Loan E.
Term Loan E carries applicable margin of 2.50% (Term SOFR) or 1.50% (Base Rate), matures Jan 2, 2026.
Term B-2 Loan paid in full in cash on amendment effective date.
Early Opt-In Election also transitions revolving loans and Term D loans to Term SOFR.
No change to total outstanding debt; cashless settlement between Term C and Term E lenders.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GRAY MEDIA, INC amended Amendment with Wells Fargo Bank, National Association valued at $1,189,500,000 (effective 2023-03-17).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $1,189,500,000
Effective: 2023-03-17

Exact text from the filing

On March 17, 2023, Gray Television, Inc. entered into a first amendment (the “Amendment”) to its Fifth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), dated as of December 1, 2020, by and among Gray Television, Inc., the guarantors party thereto, Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and the other agents and lenders party thereto.

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Source: SEC EDGAR

accession 0001437749-23-007394

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