Liberty Broadband unit enters agreement for $1 billion margin loans

By Wendy Van Sickle

Columbus, Ohio, Sept. 5 – A Liberty Broadband Corp. bankruptcy remote wholly owned subsidiary entered into a two-year multi-draw margin loan credit facility on Aug. 31 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The agreements permit the borrower to borrow up to $1 billion principal amount of term loans, with $500 million to be funded no later than 10 business days after closing and the remaining half to be funded from time to time thereafter up to 12 months from closing.

The borrower may request up to $1 billion of additional loans under the credit agreement.

Borrowings will bear interest at Libor plus 150 basis points.

The credit agreement will mature on Aug. 30, 2019.

Englewood, Colo.-based Liberty Broadband has ownership of TruePosition, Inc., which develops and markets technology for locating wireless phones on a cellular network, and holds an interest in Charter Communications, Inc. and a minority equity investment in Time Warner Cable, Inc.

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