Graham Holdings Co (GHC): debt financing — Graham Holdings issues $500M 5.625% notes due 2033; enters $400M revolver

Graham Holdings Co

Issued $500M senior unsecured notes at 5.625%, due Dec 1, 2033, with semi-annual interest starting June 1, 2026.
New $400M five-year revolving credit facility replaces existing revolver; increases L/C sublimit to $40M.
Proceeds used to redeem $500M 5.750% notes due 2026, repay $150M term loan, and refinance existing revolver.
Credit facility requires max total net leverage ratio of 3.5x and min interest coverage of 3.0x.
Notes are senior unsecured, guaranteed by certain domestic subsidiaries; will rank equally with other unsecured debt.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Graham Holdings Co incurred senior notes of $500 million aggregate principal amount with J.P. Morgan Securities LLC at 5.625% per annum maturing December 1, 2033.

Instrument: senior notes
Principal: $500 million aggregate principal amount
Counterparty: J.P. Morgan Securities LLC
Rate: 5.625% per annum
Maturity: December 1, 2033
Event: incurrence

Exact text from the filing

On November 24, 2025, the Company completed the issuance and sale of $500 million aggregate principal amount of senior unsecured notes due 2033 (the Notes).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Graham Holdings Co entered into Indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, and the guarantors named therein valued at $500 million (effective 2025-11-24).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A., as trustee, and the guarantors named therein
Value: $500 million
Effective: 2025-11-24

Exact text from the filing

The Notes are governed by the terms of an indenture, dated as of November 24, 2025 (the Indenture), among the Company, the guarantors named therein and the Bank of New York Mellon Trust Company, N.A., as trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Graham Holdings Co entered into Purchase Agreement with J.P. Morgan Securities LLC, as representative of the several initial purchasers named therein (effective 2025-11-13).

Action: entry
Agreement: notes offering
Counterparty: J.P. Morgan Securities LLC, as representative of the several initial purchasers named therein
Effective: 2025-11-13

Exact text from the filing

The Notes were sold pursuant to a purchase agreement, dated November 13, 2025, among the Company, the guarantors named therein and J.P. Morgan Securities LLC, as representative of the several initial purchasers named therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Graham Holdings Co amended Amendment and Restatement Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto valued at $400 million (effective 2025-11-24).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto
Value: $400 million
Effective: 2025-11-24

Exact text from the filing

On November 24, 2025, Graham Holdings Company (the Company), a Delaware corporation, entered into an Amendment and Restatement Agreement (the Amendment and Restatement Agreement) providing for a U.S. $400 million five year revolving credit facility (the New Revolving Credit Facility) with certain of the Company’s foreign subsidiaries from time to time party thereto as foreign borrowers, certain of the Company’s domestic subsidiaries from time to time party thereto as guarantors, the lenders from time to time party thereto, the issuing lenders from time to time party thereto and Wells Fargo Bank, National Association (Wells Fargo), as administrative agent

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10 debt financings filed in the last 30 days. Browse all debt financings →

Graham Holdings Co filing history →

Source: SEC EDGAR

accession 0001628280-25-053825

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