Grand Canyon Education enters $100 million revolving credit facility to fund buybacks
On September 28, 2026, Grand Canyon Education entered a five-year, $100.0 million senior secured revolving credit facility with Zions Bancorporation, N.A. dba National Bank of Arizona as administrative agent. The company intends to use borrowings mainly to fund stock repurchases and for general corporate purposes, and the facility carries covenants and default triggers that shareholders should note, including a delisting event of default.
Key points
- $100.0 million five-year senior secured revolving facility dated September 28, 2026; includes a $10.0 million letter of credit sublimit
- Borrowings intended primarily to fund repurchases of common stock under the board-approved repurchase program
- Interest at one-month Term SOFR plus a margin of 1.50% to 2.00% based on leverage; quarterly unused fee of 0.0625%
- Covenants require minimum fixed charge coverage of 1.10 to 1.00 and maximum leverage of 2.00 to 1.00; capital expenditures capped at $50.0 million per fiscal year
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:49 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 October 01, 2026.
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.