Gray Television is proposing, subject to market and other conditions, to add on $85 million to its existing term loan under its current senior credit facility.

The proposed addition to the existing term loan would be used to fund the previously announced acquisition of two television stations from Diversified Communications and other general corporate purposes..

On February 16, 2017, Gray closed a $656 million credit facility agented by Wells Fargo. The company also reached an agreement with Diversified to acquire WABI (CBS/CW) in the Bangor, ME market (DMA 156) and WCJB (ABC/CW) in the Gainesville, FL market (DMA 161) for a total purchase price of $85 million.

See related story:
Wells Fargo Agents $656MM Facility for Gray Television