secwatch.observer — SEC 8-K summary
======================================

Issuer:     Grand Canyon Education, Inc. (LOPE)
CIK:        0001434588
Form:       8-K
Filed at:   2026-10-01T20:15:14+00:00
Accession:  0001104659-26-112835
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1434588/000110465926112835/0001104659-26-112835-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1434588/000110465926112835/lope-20260928x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-112835

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer