Gray Television upsizes revolver, extends maturity via amendment

Gray Television Inc. disclosed that on Feb. 19 the company entered into an amendment to increase the size of its revolver by $100 million, to $300 million, and to extend the maturity of the facility to January 2026, from January 2024.

Wells Fargo is administrative agent.

As reported, Gray has signed an agreement to acquire Quincy Media for $925 million in cash and has received committed debt financing for the full purchase price in the form of an incremental term loan from Wells Fargo. Gray Television currently has a covenant-lite incremental term loan B due January 2026 (L+250, 0% Libor floor) that totaled $1.19 billion and a covenant-lite term loan B due February 2024 (L+250, 0% Libor floor) that totaled $595 million, each as of Sept. 30, 2020.

Gray Television owns and operates television stations and digital assets in the U.S. Corporate issuer ratings are B+/B1/BB-.