Grand Canyon Education opens $100M five-year revolver; SOFR+1.50-2.00%, matures 2031

Grand Canyon Education, Inc.

$100M senior secured revolver with Zions Bancorporation dba National Bank of Arizona as administrative agent; $10M letter-of-credit sublimit; matures Sept. 28, 2031.
Borrowings bear interest at one-month Term SOFR (0.00% floor) plus 1.50%-2.00% margin based on consolidated leverage ratio; 0.0625% quarterly unused fee; 2.00% LC fees.
Proceeds primarily to fund stock repurchases under board-approved program and general corporate purposes; accordion allows up to $100M additional commitments, total not to exceed $200M.
Financial covenants: minimum consolidated fixed charge coverage ratio 1.10x; maximum consolidated leverage ratio 2.00x; capex capped at $50M per fiscal year.
Events of default include cross-default/judgments exceeding $5M, change of control, delisting, and default under GCU master services agreement causing material adverse change.

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