Gray Media, Inc: amends credit agreement and plans $150,000,000 notes redemption

What happened

• The filing says that on Oct 9, 2026, Gray Media, Inc entered into an eighth amendment to its Fifth Amended and Restated Credit Agreement (the "Eighth Amendment") that increases the aggregate principal amount of the Company’s Term Loan G due Jul 15, 2030 by $75,000,000 to $675,000,000. The Term Loan G Incremental Increase is available on a delayed draw basis and is expected to be funded on or prior to Oct 19, 2026.
• The filing also says that on Oct 9, 2026 the Company issued a notice of partial redemption to holders of its 10.500% senior secured first lien notes due 2029, notifying holders of the Company’s intent to redeem $150,000,000 of the 2029 notes on Oct 19, 2026, conditioned on funding of the Term Loan G Incremental Increase. If redeemed, the 2029 notes will be redeemed at 105.250% of principal plus accrued and unpaid interest to the redemption date.

Key details

• Term Loan G Incremental Increase: $75,000,000, bringing Term Loan G to $675,000,000; original Term Loan G issued Oct 8, 2026.
• Redemption amount and terms: $150,000,000 of 10.500% senior secured first lien notes due 2029; redemption price 105.250% of principal plus accrued interest; target redemption date Oct 19, 2026; redemption conditioned on funding of the incremental term loan.
• Interest and margins on Term Loan G: option of Term SOFR plus applicable margin or Base Rate plus applicable margin; applicable margin 3.50% for Term SOFR loans and 2.50% for Base Rate loans.
• Collateral and covenants: obligations remain secured by substantially all assets (excluding real estate) of the Company and certain domestic subsidiaries; subsidiaries are joint and several guarantors; quarterly principal reductions equal to 0.25% of the initial aggregate principal amount of Term Loan G; includes customary affirmative and negative covenants and a consolidated first lien net leverage ratio covenant in specified circumstances.

Why it may matter

• Item 1.01 reports entry into a material definitive agreement (the Eighth Amendment to the Senior Credit Facility). Item 2.03 reflects the creation of a direct financial obligation via the Term Loan G Incremental Increase. Item 8.01 reports the notice of partial redemption of the 2029 notes and an accompanying press release.
• The filing does not show why the insider traded or why the company acted.