GCI Liberty Completes Issuance of $600 Million Offering of New Senior Notes Due 2028

ENGLEWOOD, Colo.--(BUSINESS WIRE)--GCI Liberty, Inc. (Nasdaq: GLIBA, GLIBP) announced today that its wholly-owned subsidiary, GCI, LLC (the “Issuer”), has completed the previously announced sale to initial purchasers in a private offering of $600 million aggregate principal amount of new 4.750% senior notes due 2028 (the “2028 Notes”). The 2028 Notes are unsecured obligations of the Issuer. The net proceeds of the offering, together with cash on hand and net proceeds from expected incremental borrowings under the Issuer’s senior credit facility, will be used to fund the redemption of all $450 million aggregate outstanding principal amount of the Issuer’s 6.875% Senior Notes due 2025 (the “2025 Notes”) and the redemption of all $325 million aggregate outstanding principal amount of the Issuer’s 6.625% Senior Notes due 2024 (the “2024 Notes”). In accordance with the indentures governing the 2025 Notes and the 2024 Notes, respectively, the Issuer has issued notices of redemption with respect to all outstanding 2025 Notes and all outstanding 2024 Notes. The redemption date for the 2025 Notes is October 14, 2020, and the redemption date for the 2024 Notes is October 23, 2020.