---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-007394"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2023-03-21T23:59:59+00:00"
generated_at: "2026-06-17T22:37:27.145604+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-007394
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2023-03-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774923007394/0001437749-23-007394-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774923007394/gtn20230317_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-007394
- JSON: https://secwatch.observer/filing/0001437749-23-007394.json
- Plain text: https://secwatch.observer/filing/0001437749-23-007394.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/43196/000143774923007394/0001437749-23-007394-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.