v3.25.3
Debt and Finance Lease Obligations
 9 Months Ended
Sep. 30, 2025
Debt and Lease Obligation [Abstract]  
Debt and Finance Lease Obligations Debt and Finance Lease Obligations
The U.S. dollar equivalents of the components of our debt are as follows:
 September 30, 2025Estimated fair value (c)Principal amount
Weighted
average
interest
rate (a)		Unused borrowing capacity (b)
Borrowing currencyUS $ equivalentSeptember 30,
2025		December 31, 2024September 30,
2025		December 31, 2024
in millions
C&W Notes
7.93 %— $— $1,805.7 $1,707.2 $1,755.0 $1,735.0 
C&W Credit Facilities (d)6.94 %(e)680.0 2,625.0 2,671.0 2,653.5 2,690.2 
LPR Senior Secured Notes
6.08 %— — 1,151.0 1,709.1 1,981.0 1,981.0 
LPR Credit Facilities8.18 %$116.0 116.0 383.2 598.9 676.5 670.0 
LPR Unrestricted Subsidiary Term Loan9.75 %$50.0 50.0 200.0 — 208.0 — 
LCR Credit Facilities
10.54 %$66.8 66.8 537.0 481.7 508.2 450.0 
Vendor financing, Tower Transactions and other (f) (g)8.23 %— — 576.8 612.6 576.8 612.6 
Total debt before premiums, discounts and deferred financing costs7.42 %$912.8 $7,278.7 $7,780.5 $8,359.0 $8,138.8 
The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:    
September 30,
2025		December 31, 2024
in millions
Total debt before premiums, discounts and deferred financing costs
$8,359.0 $8,138.8 
Premiums, discounts and deferred financing costs, net
(83.0)(63.2)
Total carrying amount of debt
8,276.0 8,075.6 
Finance lease obligations
4.0 4.6 
Total debt and finance lease obligations
8,280.0 8,080.2 
Less: Current maturities of debt and finance lease obligations
(451.7)(465.7)
Long-term debt and finance lease obligations
$7,828.3 $7,614.5 
(a)Represents the weighted average interest rate in effect at September 30, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
(b)Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2025, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the September 30, 2025 compliance reporting requirements. At September 30, 2025, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.
(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 3.
(d)Includes other facilities that are generally repaid in three annual installments.
(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar, and JMD revolving credit facilities.
(f)Includes Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets.
(g)Includes $312 million and $328 million at September 30, 2025 and December 31, 2024, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses were $154 million and $145 million for the nine months ended September 30, 2025 and 2024, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.
2030 LPR Unrestricted Subsidiary Credit Agreement
On September 23, 2025, our Liberty Puerto Rico borrowing group, through the LPR Unrestricted Subsidiary Borrowers and the LPR Unrestricted Subsidiary Guarantors, entered into the 2030 LPR Unrestricted Subsidiary Credit Agreement that provides for, among other things, (i) the LPR Unrestricted Subsidiary Term Loan, which we borrowed during the third quarter of 2025, (ii) delayed draw term loan commitments in an aggregate principal amount of $50 million, and (iii) uncommitted pari passu incremental term loans of up to $350 million aggregate principal amount.
The obligations under the 2030 LPR Unrestricted Subsidiary Credit Agreement are secured by substantially all of the assets of the LPR Unrestricted Subsidiary Borrowers, consisting of, among other things, fixed network assets and spectrum.
LPR Unrestricted Subsidiary Term Loan
The LPR Unrestricted Subsidiary Term Loan may be repaid at the option of the LPR Unrestricted Subsidiary Borrowers at any time after the closing date under the 2030 LPR Unrestricted Subsidiary Credit Agreement in whole or in part, subject to payment of the following prepayment fees: (i) on or prior to the six month anniversary of the closing date, 0.00%; (ii) after the six month anniversary of the closing date and on or prior to the first anniversary of the closing date, 3.00%; (iii) after the first anniversary of the closing date and on or prior to the second anniversary of the closing date, 1.00%; and (iv) thereafter, 0.00%.
Interest on the LPR Unrestricted Subsidiary Term Loan accrues at a rate of 9.75% per annum, payable (i) quarterly on the last business day of March, June, September, and December, commencing December 31, 2025, and (ii) on the maturity date of the loan.
Financing Activity
During the nine months ended September 30, 2025 and 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
PeriodBorrowing group/ BorrowerInstrumentIssued atMaturityInterest rateAmount borrowed (a)Non-cash component
in millions
2025C&W
2027 C&W RCF (b)
N/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$95.5 $— 
2025C&W
2029 C&W RCF (b)
N/AApril 15, 2029
Term SOFR + 3.25%
$178.5 $— 
2025C&W
C&W Term Loan B-7 Facility
99.5%January 31, 2032
Term SOFR + 3.25%
$1,522.4 $1,510.0 
2025C&W
2033 C&W Senior Notes
100%January 15, 20339.00%$755.0 $— 
2025Liberty Puerto RicoLPR Revolving Credit FacilityN/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$226.1 $— 
2025Liberty Puerto RicoLPR Unrestricted Subsidiary Term Loan96%September 23, 20309.75%$200.0 $— 
2025Liberty Costa RicaLCR Revolving Credit FacilityN/AJanuary 15, 2028
Term SOFR + 4.25%
$61.3 $— 
2025Liberty Costa Rica2033 LCR Term Loan A100%August 14, 2033
Adjusted Term SOFR + 3.50%
$32.5 $— 
2024C&WC&W Regional FacilitiesN/A(c)6.96%$22.5 $— 
2024C&WC&W Revolving Credit FacilityN/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$265.0 $— 
2024Liberty Puerto RicoLPR Revolving Credit FacilityN/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$100.0 $— 
2024Liberty Costa Rica
LCR Revolving Credit Facility
N/AJanuary 15, 2028
Term SOFR + 4.25%
$31.0 $— 
N/A – Not applicable.
(a)Amounts borrowed are net of original issue discounts, as applicable.
(b)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, an increase and amendment agreement was signed in respect of the extension agreement on the C&W Revolving Credit Facility originally entered into in September 2024. In accordance with this increase and amendment agreement, including certain new commitments that were made available thereunder, a total of $460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence of the refinancing of the C&W Term Loan B-6 Facility.
(c)This borrowing is due in three annual installments, the first of which became due in May 2025.
During the nine months ended September 30, 2025 and 2024, we made certain repurchases or repayments on the following debt instruments:
PeriodBorrowing group / BorrowerInstrumentRedemption priceAmount paidNon-cash component
in millions
2025C&W
2027 C&W RCF (a)
100%$88.2 $— 
2025C&W
2029 C&W RCF (a)
100%$215.8 $— 
2025C&W2027 C&W Senior Notes100.859%$735.0 $— 
2025C&WC&W Term Loan B-5 Facility100%$1,510.0 $1,510.0 
2025C&WC&W Other Facilities100%$30.5 $— 
2025Liberty Puerto RicoLPR Revolving Credit Facility100%$219.6 $— 
2025Liberty Costa RicaLCR Revolving Credit Facility100%$35.6 $— 
2024C&WC&W Revolving Credit Facility100%$155.0 $— 
2024C&WC&W Regional Facilities100%$20.0 $— 
2024C&WC&W Other Facilities100%$23.0 $— 
2024C&WCWP Revolving Credit Facility100%$10.0 $— 
2024Liberty Puerto RicoLPR Revolving Credit Facility100%$50.0 $— 
2024Liberty Costa RicaLCR Revolving Credit Facility100%$25.0 $— 
2024Liberty Latin America
Convertible Notes
(b)$219.2 $— 
(a)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility.
(b)In February 2024, we repurchased and cancelled $220 million original principal amount of the Convertible Notes at a weighted average redemption price of 99.5%. In addition, we unwound approximately $102 million of the Convertible Notes Capped Calls for immaterial value on settlement.
Maturities of Debt
Maturities of our debt as of September 30, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on September 30, 2025 exchange rates:
C&WLiberty Puerto RicoLiberty Costa RicaLiberty Latin America (a)Consolidated
in millions
Years ending December 31:
2025 (remainder of year)$88.0 $69.8 $25.7 $0.7 $184.2 
2026248.7 20.5 — 1.4 270.6 
202712.1 1,162.9 — 0.7 1,175.7 
2028490.5 620.6 — — 1,111.1 
2029595.3 820.7 — — 1,416.0 
20309.8 213.5 — — 223.3 
Thereafter3,463.3 32.3 482.5 — 3,978.1 
Total debt maturities4,907.7 2,940.3 508.2 2.8 8,359.0 
Premiums, discounts and deferred financing costs, net
(45.5)(25.8)(11.7)— (83.0)
Total debt$4,862.2 $2,914.5 $496.5 $2.8 $8,276.0 
Current portion$335.5 $88.2 $25.7 $1.6 $451.0 
Non-current portion$4,526.7 $2,826.3 $470.8 $1.2 $7,825.0 
(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.