Graham Holdings increases revolver to $300 million, extends to 2023

By Sarah Lizee

Olympia, Wash., June 1 – Graham Holdings Co. amended and restated its credit agreement on Wednesday to increase the revolving credit facility to $300 million and extend the maturity to May 30, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The revolver consists of a $200 million dollar tranche and a $100 million-equivalent multicurrency tranche.

Borrowings bear interest at Libor plus a margin based on the consolidated debt to consolidated adjusted EBITDA.

The commitment fee is based on the leverage ratio and ranges from 15 basis points to 25 bps.

Proceeds may be used for general corporate purposes.

Graham must maintain a total net leverage ratio of not greater than 3.5 to 1 and a consolidated interest coverage ratio of at least 3.5 to 1 based on the ratio of consolidated adjusted EBITDA to consolidated interest expense.

Wells Fargo Bank, NA is the administrative agent, JPMorgan Chase Bank, NA is the syndication agent and HSBC Bank USA, NA and Bank of America, NA are documentation agents.

The media company is based in Arlington, Va.

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