Graham Holdings Company has issued a $500 million senior unsecured note offering that matures in 2033. The notes are guaranteed on a senior unsecured basis by a group of existing and future domestic subsidiaries, giving the company a broad guarantee structure for the debt.
The offering is intended to refinance a portion of the company’s existing debt, including the 5.750% notes due 2026 and a $150 million term loan facility. The company’s total debt stood at $1.3 billion as of September 2025, giving it a debt‑to‑equity ratio of 0.26. By replacing higher‑cost debt with the new notes, Graham Holdings aims to lower its overall interest expense and extend its debt maturity profile.
The proceeds will also support ongoing investment in the company’s diversified portfolio—spanning education, healthcare, and manufacturing—and preserve liquidity for future strategic acquisitions and capital expenditures. The company’s management emphasized that the new financing will extend its capital‑market runway, allowing it to pursue growth opportunities without compromising its balance‑sheet strength.
The offering is subject to market conditions, and the interest rate on the new notes was not disclosed in the announcement. The company’s strong liquidity—its current ratio was 1.32 in September 2025—provides a cushion for the refinancing and any additional capital needs.
Overall, the senior note issuance represents a proactive step by Graham Holdings to optimize its capital structure, reduce debt‑service costs, and maintain flexibility for future investments in its core business segments.
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