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Get filing alertsGCI amends credit facility, adds $480M in term loans and $25M L/C facility for acquisition
Filed June 29, 2026 · Period ending June 29, 2026 · ~1 min read
Key Changes
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GCI added $480M in new term loans ($155M contingent on Quintillion acquisition, $300M immediate) and a $25M letter-of-credit facility to fund the acquisition and retire existing debt.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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New term loans price at SOFR plus 2.00%-2.75% (or base rate plus 1.00%-1.75%), with margin tied to GCI's total leverage ratio.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Term A-2 Loan ($300M) amortizes quarterly at 0.25%-1.25% of principal based on secured leverage; Term A-1 Loan ($155M) has two-year grace period then steps up to 5% annually.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Facilities are secured by substantially all GCI and subsidiary guarantor assets plus GCI Holdings equity interests.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Filing also reports the amendment as creation of a direct financial obligation under Item 2.03.
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
Summary
Liberty Capital's wholly-owned subsidiary GCI amended its credit facility to add $480 million in new term loans and a $25 million letter-of-credit facility. The financing supports GCI's pending acquisition of Quintillion: a $155 million Term A-1 Loan (contingent on closing) will fund the purchase price, while a $25 million L/C facility will replace acquisition-related letters of credit.
A separate $300 million Term A-2 Loan provides immediate liquidity for general corporate purposes including retiring existing GCI debt. Both term loans mature in 2031 and carry leverage-based SOFR pricing (2.00%-2.75% margin), incentivizing deleveraging. The amendment materially increases GCI's debt load to finance the acquisition and refinance existing obligations.
The facilities are secured by substantially all GCI assets and GCI Holdings equity, limiting future financing flexibility. Amortization schedules provide near-term relief—the Term A-1 Loan has a two-year grace period and the Term A-2 Loan starts at just 0.25% quarterly—but step up based on leverage, creating pressure to deleverage or face higher mandatory repayments. Retail holders should monitor whether the Quintillion acquisition closes (triggering the $155 million draw) and how GCI deploys the $300 million immediate proceeds between debt retirement and other corporate uses.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 — Creation of a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03 in its entirety.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The obligations under the Credit Agreement are secured by a security interest on substantially all of the assets of GCI and the subsidiary guarantors, as defined in the Credit Agreement, and on the equity interests of GCI Holdings.
The new facilities are secured by substantially all assets of GCI and its subsidiary guarantors, plus the equity interests of GCI Holdings. This comprehensive collateral package protects lenders but limits GCI's flexibility to pledge assets for other financing.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 21, 2026 · How we verify