Gray Media, Inc. Form 8-K Summary
Business Context and Reporting Period
Gray Media, Inc. (GTN/GTN.A) filed this Current Report on Form 8-K on April 1, 2026, regarding events occurring on March 31, 2026. The filing details a material amendment to the Company's existing debt structure.
Key Financial Metrics and Debt Structure
The filing focuses on the Company's Senior Credit Facility rather than operating performance metrics such as revenue or profit, which are not provided in this document.
- Debt Facility: Sixth Amendment to the Fifth Amended and Restated Credit Agreement dated December 1, 2021.
- Commitments: No changes to Revolving Credit Facility commitments, Term Loan principal amounts, or stated maturities.
- New Borrowings: None incurred in connection with this amendment.
- Interest Rates (Revolving): Term SOFR + 1.75% to 2.75% or Base Rate + 0.75% to 1.75% (based on leverage ratio).
- Interest Rates (Term Loans): Term D Loan margin is 3.00% (SOFR) or 2.00% (Base Rate); Term F Loan margin is 5.25% (SOFR) or 4.25% (Base Rate).
- Collateral: Secured by substantially all assets of the Company and subsidiaries, excluding real estate.
Material Changes and Repayment Actions
The Sixth Amendment restated the Senior Credit Facility in its entirety without altering principal amounts or maturities. Significant repayment actions include:
- Prepayments: Quarterly principal reductions of $3.750 million (Term D Loan) and $1.250 million (Term F Loan) were prepaid in advance.
- Upcoming Repayment: The Company notified lenders of its intent to repay the remaining $10 million outstanding principal under the Term F Loan in full on April 2, 2026.
Guidance, Risks, and Covenants
The filing does not contain forward-looking guidance, management commentary on operations, or specific risk factors beyond standard credit agreement terms. Key covenants include:
- Limits on additional indebtedness, liens, asset sales, investments, and dividends.
- Maintenance of a Consolidated First Lien Net Leverage Ratio not exceeding maximum limits if revolving loans or significant undrawn letters of credit are outstanding.
Investor Verification Checklist
- Verify the execution of the $10 million Term F Loan repayment on April 2, 2026.
- Confirm the Company's current Consolidated First Lien Net Leverage Ratio to assess covenant compliance.
- Review the full text of Exhibit 10.1 for specific definitions of "Base Rate" and applicable credit spread adjustments.
- Check subsequent filings for any impact on liquidity or cash flow resulting from the Term F Loan payoff.