MediaCo Amends Term Loan, Extends Delayed Draw Maturity
The amendment pushes maturity of MediaCo's delayed draw term loans to November 30 and acknowledges that certain defaults have occurred.
Updated on Nov. 6, 2026 in Corporate Finance
MediaCo Holding Inc. amended its First Lien Term Loan Credit Agreement with White Hawk Capital Partners LP, extending the maturity date of its delayed draw term loans from October 31, 2026 to November 30. The amendment also acknowledges that certain defaults have occurred, and MediaCo and other loan parties reaffirmed their obligations and security interests under the loan documents.
Why it matters
The amendment signals that MediaCo is operating under lender accommodation after defaults, and the extended delayed draw facility matters for the company's access to additional working capital. Reports of recent employee cuts and unpaid contractors add context to the company's financial pressure.
The filed amendment shows an initial $35 million term loan maturing April 17, 2029 and a delayed draw facility of up to $10.0 million, whose maturity moved from October 31, 2026 to November 30. The amendment acknowledges certain defaults, but the filing does not specify their nature or whether the delayed draw facility will be drawn.
The players
MediaCo Holding Inc.
MediaCo Holding Inc. is a media company that acquired Estrella Media and is the borrower under the amended credit agreement.
White Hawk Capital Partners LP
White Hawk Capital Partners LP is an investment firm and the counterparty to MediaCo's First Lien Term Loan Credit Agreement.
The details
MediaCo entered the credit agreement in April 2024 as part of its purchase of Estrella Media, receiving an initial $35 million term loan. The delayed draw term loans' maturity is the earliest of November 30, the accelerated maturity date, or 91 days before the maturity of qualifying indebtedness above the threshold.
Timeline
April 2024: MediaCo entered the credit agreement to purchase Estrella Media.
October 31, 2026: Original maturity date of the delayed draw term loans.
November 30, 2026: Extended maturity date of the delayed draw term loans.
April 17, 2029: Maturity date of the initial term loan.
Market Dynamics
The amendment updates the terms of the April 2024 First Lien Term Loan that financed MediaCo's purchase of Estrella Media, extending delayed draw maturity while acknowledging existing defaults. It reflects how acquisition-driven leverage can require lender accommodation when operating pressures emerge.
For holders of MediaCo securities, the acknowledged defaults and extended delayed draw maturity bear on the company's liquidity and credit risk. Investors tracking the company's debt position should weigh the reaffirmed security interests against the reported employee cuts and unpaid contractor claims.
The takeaway
Amendments that extend maturities after acknowledged defaults often signal lender tolerance rather than resolution. Readers should watch whether MediaCo draws the delayed draw facility before November 30.
Further reading
For related coverage of debt and restructuring at public companies, see Corporate Finance.
Source note: This article includes information reported by RadioInsight.
