Grand Canyon Education entered into a $100 million five-year senior secured revolving credit facility on September 28, 2026, with Zions Bancorporation as administrative agent. The agreement includes a $10 million letter of credit sublimit and an option to increase commitments by up to $100 million, bringing total capacity to $200 million. Borrowings bear interest at one-month Term SOFR plus 1.50% to 2.00%, subject to leverage-based pricing. The facility requires a minimum fixed charge coverage ratio of 1.10 to 1.00 and a maximum leverage ratio of 2.00 to 1.00, with capital expenditures capped at $50 million annually. Proceeds are intended primarily for stock repurchases under the board-approved program and general corporate purposes. Grand Canyon Education operates in the higher education sector, providing online degree programs through its subsidiary Grand Canyon University.
