Gray Media, Inc. ("Gray") (NYSE:GTN) announced today that it has entered into an incremental amendment to its credit agreement to increase its $600 million term loan due July 15, 2030 (the "Term Loan G") by $75 million (the "Incremental TLG"). The Incremental TLG will be available on a delayed draw basis upon the satisfaction of certain customary conditions that are expected to be satisfied on or prior to October 19, 2026. Upon funding, the Incremental TLG will be on terms that are identical to, and fungible with, the Term Loan G. The net proceeds from the Incremental TLG, together with cash on hand, are expected to be used to (i) redeem $150 million outstanding principal amount of Gray’s 10.500% senior secured notes due 2029 (the "2029 Notes") and (ii) pay fees and expenses in connection with the issuance and redemption, which includes the call premium and accrued and unpaid interest on the 2029 Notes being redeemed.

In connection with the entry into the Incremental TLG amendment, on October 9, 2026, Gray also issued a conditional notice of partial redemption to the holders of the 2029 Notes, notifying such holders that Gray intends to redeem $150 million of the 2029 Notes on October 19, 2026 (the "2029 Notes Redemption"). The 2029 Notes Redemption is conditioned upon the funding of the Incremental TLG discussed above. The 2029 Notes will be redeemed at 105.250% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

Upon the consummation of these transactions, Gray expects to have an outstanding aggregate principal amount of $200 million of 2029 Notes and $675 million of Term Loan G.