---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-112835"
form_type: "8-K"
ticker: "LOPE"
cik: "0001434588"
company_name: "Grand Canyon Education, Inc."
filed_at: "2026-10-01T20:15:14+00:00"
generated_at: "2026-10-12T14:23:08.414557+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-26-112835
- form_type: 8-K
- ticker: LOPE
- cik: 0001434588
- company_name: Grand Canyon Education, Inc.
- filed_at: 2026-10-01T20:15:14+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1434588/000110465926112835/0001104659-26-112835-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1434588/000110465926112835/lope-20260928x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-112835
- JSON: https://secwatch.observer/filing/0001104659-26-112835.json
- Plain text: https://secwatch.observer/filing/0001104659-26-112835.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.