Company: GHC
Filing Date: 2025-11-24
Form Type: 8-K
Source: 0001628280-25-053825
Chunk: 0

Company: Graham Holdings Co
Filing Date: 2025-11-24
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01 Entry into a Material Definitive Agreement.

Credit Agreement

On November 24, 2025, Graham Holdings Company (the Company), a Delaware corporation, entered into an Amendment and Restatement Agreement (the Amendment and Restatement Agreement) providing for a U. S. $400 million five year revolving credit facility (the New Revolving Credit Facility) with certain of the Company’s foreign subsidiaries from time to time party thereto as foreign borrowers, certain of the Company’s domestic subsidiaries from time to time party thereto as guarantors, the lenders from time to time party thereto, the issuing lenders from time to time party thereto and Wells Fargo Bank, National Association (Wells Fargo), as administrative agent, which amended and restated the Company’s Second Amended and Restated Five Year Credit Agreement, dated as of May 3, 2022, by and among the Company, the foreign borrowers party thereto, the guarantors party thereto, the lenders party thereto and Wells Fargo, as administrative agent (as amended or otherwise modified prior to November 24, 2025, the Existing Credit Agreement; the Existing Credit Agreement, as amended and restated by the Amendment and Restatement Agreement, the Amended and Restated Credit Agreement).

The Amendment and Restatement Agreement amends the Existing Credit Agreement to (i) replace the revolving commitments under the existing revolving credit facility (the Existing Revolving Credit Facility) with the New Revolving Credit Facility, (ii) increase the letter of credit sublimit thereunder from $20.0 million to $40.0 million and (iii) increase or modify certain other baskets and thresholds in the Existing Credit Agreement.

Under the Amended and Restated Credit Agreement, the Company is required to pay a commitment fee on a quarterly basis, based on the Company’s leverage ratio, of between 0.15% and 0.30% of the amount of the average daily unused portion of the New Revolving Credit Facility. Any borrowings under the Amended and Restated Credit Agreement are made on an unsecured basis and bear interest at the Company’s option, either at (a) the Base Rate (as defined in the Amended and Restated Credit Agreement), or (b) the Benchmark for the applicable interest period (as defined in the Amended and Restated Credit Agreement), in each case plus an applicable margin that depends on the Company’s consolidated net debt to consolidated adjusted EBITDA (as determined pursuant to the Amended and Rest