Graham Holdings sells $500 million 2033 notes and amends $400 million credit facility
On November 24, 2025, Graham Holdings completed a $500 million offering of 5.625% senior unsecured notes due 2033 and entered into a new $400 million five-year revolving credit facility with Wells Fargo as administrative agent. The company plans to use the proceeds, along with revolver borrowings, to redeem its 5.750% notes due 2026, refinance the existing revolver, and repay its $150 million term loan, which changes the timing and terms of its debt.
Key points
- Notes: $500 million at 5.625%, maturing December 1, 2033, with interest paid semi-annually starting June 1, 2026
- New $400 million five-year revolver replaces the existing revolving credit facility; letter of credit sublimit rises from $20.0 million to $40.0 million
- Covenants require a Total Net Leverage Ratio of no more than 3.5 to 1.0 and interest coverage of at least 3.0 to 1.0
- Redemption of 5.750% notes due 2026 set for on or around November 24, 2025, at par plus accrued interest
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 24, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.