Liberty Broadband Secures $1B Credit Facility

TL;DR

Liberty Broadband just inked a new $1B credit line, replacing their old $750M one. More cash on hand!

AI Summary

On June 26, 2024, Liberty Broadband Corporation entered into a credit agreement with JPMorgan Chase Bank, N.A. as administrative agent, establishing a new $1.0 billion revolving credit facility. This facility matures on June 26, 2029, and replaces the company's previous $750 million revolving credit facility.

Why It Matters

This new, larger credit facility provides Liberty Broadband with increased financial flexibility and liquidity, potentially supporting future growth initiatives or operational needs.

Risk Assessment

Risk Level: low — The filing details a routine credit facility amendment and extension, which is a common and generally low-risk financial maneuver for established companies.

Key Numbers

• $1.0B — New Revolving Credit Facility (Increases borrowing capacity)
• $750M — Previous Revolving Credit Facility (Replaced by the new facility)
• 5 years — Maturity of New Facility (Provides long-term financial stability)

Key Players & Entities

• Liberty Broadband Corporation (company) — Registrant
• JPMorgan Chase Bank, N.A. (company) — Administrative Agent
• $1.0 billion (dollar_amount) — New revolving credit facility amount
• $750 million (dollar_amount) — Previous revolving credit facility amount
• June 26, 2024 (date) — Date of credit agreement
• June 26, 2029 (date) — Maturity date of new credit facility

FAQ

Key Financial Figures

• $1.15 billion — ity in an aggregate principal amount of $1.15 billion (the " Term Loan Facility " and proceed
• $200 million — an aggregate principal amount of up to $200 million (collectively, the " Margin Loan Facili
• $180 million — g under the Term Loan Facility and (ii) $180 million of Revolving Loans outstanding under th
• $860 million — the closing of the private offering of $860 million aggregate original principal amount of
• $60 million — s with an aggregate principal amount of $60 million issued pursuant to the exercise of an o

Filing Documents

• tm2418656d1_8k.htm (8-K) — 34KB
• tm2418656d1_ex99-1.htm (EX-99.1) — 7KB
• 0001104659-24-077362.txt ( ) — 263KB
• lbrda-20240626.xsd (EX-101.SCH) — 3KB
• lbrda-20240626_def.xml (EX-101.DEF) — 27KB
• lbrda-20240626_lab.xml (EX-101.LAB) — 36KB
• lbrda-20240626_pre.xml (EX-101.PRE) — 25KB
• tm2418656d1_8k_htm.xml (XML) — 6KB

03. Creation of a Direct Financial Obligation

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On June 26, 2024 (the " Eighth Amendment Effective Date "), a bankruptcy remote wholly owned subsidiary (" SPV ") of Liberty Broadband Corporation (the " Company ") entered into Amendment No. 8 to Margin Loan Agreement (the " Eighth Amendment "), which amends SPV's margin loan agreement, dated as of August 31, 2017 (as amended, restated, amended and restated, modified or supplemented from time to time prior to the Eighth Amendment, the " Existing Margin Loan Agreement "; the Existing Margin Loan Agreement, as amended by the Eighth Amendment, the " Margin Loan Agreement ") with BNP Paribas, New York Branch (as successor to the Prior Administrative Agent (as defined in the Margin Loan Agreement)), as the administrative agent, BNP Paribas (as successor to the Original Calculation Agent (as defined in the Margin Loan Agreement)), as the calculation agent, and the lenders party thereto from time to time (the " Lenders "). The Margin Loan Agreement provides for (x) a term loan credit facility in an aggregate principal amount of $1.15 billion (the " Term Loan Facility " and proceeds of such facility, the " Term Loans "), (y) a revolving credit facility in an aggregate principal amount of $1.15 billion (the " Revolving Loan Facility " and proceeds of such facility, the " Revolving Loans "; the Revolving Loans, collectively with the Term Loans, the " Loans ") and (z) an uncommitted incremental term loan facility in an aggregate principal amount of up to $200 million (collectively, the " Margin Loan Facility "). No additional borrowings under the Margin Loan Agreement were made on the Eighth Amendment Effective Date and, on such date, there were (i) $1.15 billion in Term Loans outstanding under the Term Loan Facility and (ii) $180 million of Revolving Loans outstanding under the Revolving Loan Facility. SPV's obligations under the Margin Loan Facilit

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On July 2, 2024, the Company issued a press release announcing the closing of the private offering of $860 million aggregate original principal amount of its 3.125% Exchangeable Senior Debentures due 2054 (the " Debentures "), inclusive of Debentures with an aggregate principal amount of $60 million issued pursuant to the exercise of an option granted to the initial purchasers. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated by reference herein. This Item 7.01 and the press release attached hereto as Exhibit 99.1 are being furnished to the Securities and Exchange Commission under Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and shall not be deemed "filed" for any purpose.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release, dated July 2, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 2, 2024 LIBERTY BROADBAND CORPORATION By: /s/ Wade D. Haufschild Name: Wade D. Haufschild Title: Senior Vice President

View Full Filing

View this 8-K filing on SEC EDGAR