Debt and Finance Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt and Lease Obligation [Abstract]

The U.S. dollar equivalents of the components of our debt are as follows:


	December 31, 2025						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		December 31,				December 31,
							2025		2024		2025		2024
			in millions
C&W Notes	7.93	%	—		$	—	$	1,793.8	$	1,707.2	$	1,755.0	$	1,735.0
C&W Credit Facilities (d)	6.62	%	(e)		687.5		2,603.7		2,671.0		2,646.2		2,690.2
LPR Senior Secured Notes	6.08	%	—		—		1,285.5		1,709.1		1,981.0		1,981.0
LPR Credit Facilities	8.15	%	$	116.0	116.0		431.8		598.9		676.5		670.0
2030 LPR Term Loan	9.75	%	$	50.0	50.0		200.0		—		208.0		—
LCR Credit Facilities	10.43	%	$	60.0	60.0		538.0		481.7		515.0		450.0
Vendor financing, Tower Transactions and other (f) (g)	7.90	%	—		—		568.1		612.6		568.1		612.6
Total debt before premiums, discounts and deferred financing costs	7.29	%			$	913.5	$	7,420.9	$	7,780.5	$	8,349.8	$	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:


	December 31,
	2025		2024
	in millions
Total debt before premiums, discounts and deferred financing costs	$	8,349.8	$	8,138.8
Premiums, discounts and deferred financing costs, net	(79.3)		(63.2)
Total carrying amount of debt	8,270.5		8,075.6
Finance lease obligations	8.7		4.6
Total debt and finance lease obligations	8,279.2		8,080.2
Less: Current maturities of debt and finance lease obligations	(408.8)		(465.7)
Long-term debt and finance lease obligations	$	7,870.4	$	7,614.5

(a)Represents the weighted average interest rate in effect at December 31, 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 December 31, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 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 December 31, 2025 compliance reporting requirements. At December 31, 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 4.

(d)Includes other facilities that are generally repaid in three annual installments.

(e)The C&W Credit Facilities unused borrowing capacity comprises 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 consolidated balance sheets. During 2025 and 2024, we received proceeds of $3 million and $9 million, respectively, related to the Tower Transactions, which are included in borrowings of debt in our consolidated statements of cash flows.

(g)Includes amounts 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, other

than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor. Changes in our vendor financing obligations are set forth below:


	Year ended December 31,
	2025		2024
	in millions
Balance at beginning of period	$	327.7	$	299.1
Operating expenses financed by an intermediary (i)	201.1		198.8
Assets acquired under capital-related vendor financing arrangements (ii)	123.9		154.9
Principal payments on vendor financing obligations (iii)	(346.0)		(324.5)
Foreign currency translation adjustments and other	(1.2)		(0.6)
Balance at end of period	$	305.5	$	327.7
Current portion	$	302.1	$	324.7
Long-term portion	$	3.4	$	3.0

(i)Our operating expenses include $201 million, $199 million and $177 million for 2025, 2024 and 2023, 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 consolidated statements of cash flows.

(ii)Amounts are reflected on the borrowing date as a non-cash increase to property and equipment additions. For additional information, see notes 7 and 17.

(iii)Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our consolidated statements of cash flows.

The details of the outstanding C&W Notes as of December 31, 2025 are summarized in the following table:


C&W Notes	Maturity	Interest rate				Outstanding principal amount				Carrying value (a)
						in millions
2032 C&W Senior Secured Notes	October 15, 2032	7.125	%			$	1,000.0			$	990.4
2033 C&W Senior Notes	January 15, 2033	9.000	%			755.0				746.6
Total				$	1,755.0			$	1,737.0

(a)Amounts are net of deferred financing costs.

The details of the outstanding LPR Senior Secured Notes as of December 31, 2025 are summarized in the following table:


LPR Senior Secured Notes	Maturity	Interest rate			Outstanding principal amount				Carrying value (a)
					in millions
2027 LPR Senior Secured Notes	October 15, 2027	6.750%			$	1,161.0			$	1,155.9
2029 LPR Senior Secured Notes	July 15, 2029	5.125%			820.0				816.2
Total			$	1,981.0			$	1,972.1

(a)Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable.

Schedule of Debt Redemption

The C&W Notes are subject to certain redemption rights (as specified in the applicable indenture). Some or all of the 2032 C&W Senior Secured Notes and 2033 C&W Senior Notes may be redeemed at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:


	Redemption Price
	2032 C&W Senior Secured Notes	2033 C&W Senior Notes

12-month period commencing:	October 15	January 15

2025	(a)	(b)
2026	(a)	(b)
2027	103.563%	(b)
2028	101.781%	104.500%
2029	100.000%	102.025%
2030 and thereafter	100.000%	100.000%

N/A – Not applicable.

(a)At any time prior to October 15, 2027, (i) we may redeem in whole or in part the 2032 C&W Senior Secured Notes by paying a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on October 15, 2027 plus the present value of all remaining scheduled interest payments through October 15, 2027 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, (ii) we may redeem during each 12-month period commencing on the issue date up to 10% of the original aggregate principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes redeemed plus accrued and unpaid interest as of the redemption date and (iii) we may redeem up to 40% of the aggregate principal amount of the 2032 C&W Senior Secured Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 107.125% of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date.

(b)At any time prior to January 15, 2028, (i) we may redeem in whole or in part the 2033 C&W Senior Notes by paying a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on January 15, 2028 plus the present value of all remaining scheduled interest payments through January 15, 2028 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, and (ii) we may redeem up to 40% of the aggregate principal amount of the 2033 C&W Senior Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 109% of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date.

The LPR Senior Secured Notes are subject to certain redemption rights (as specified in the applicable indenture). LCPR Senior Secured Financing may redeem some or all of the 2027 LPR Senior Secured Notes and 2029 LPR Senior Secured Notes at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date:


	Redemption Price
	2027 LPR Senior Secured Notes	2029 LPR Senior Secured Notes

12-month period commencing:	October 15	July 15
2025	100.000%	101.281%
2026 and thereafter	100.000%	100.000%

Schedule of Line of Credit Facilities

The details of our borrowings under the C&W Credit Facilities as of December 31, 2025 are summarized in the following table:


C&W Credit Facilities	Maturity	Interest rate			Unused borrowing capacity				Outstanding principal amount				Carrying value (a)
					in millions
2027 C&W RCF	January 30, 2027	Adjusted Term SOFR + 3.25% (b)			$	152.0			$	—			$	—
2029 C&W RCF (c)	April 15, 2029	Term SOFR + 3.25% (b)			456.0				—				—
C&W Term Loan B-6 Facility	October 15, 2029	Adjusted Term SOFR + 3.0% (b)			—				590.0				585.0
C&W Term Loan B-7 Facility	January 31, 2032	Term SOFR + 3.25% (b)			—				1,530.0				1,514.9
2028 CWP Term Loan	January 18, 2028	4.25%			—				435.0				432.9
C&W Regional Facilities (d) (e)	various dates ranging from 2026 to 2038	7.35% (f)			79.5				91.2				91.1
Total			$	687.5			$	2,646.2			$	2,623.9

(a)Amounts are net of discounts and deferred financing costs, as applicable.

(b)Subject to a SOFR floor of 0 basis points.

(c)Has a fee on unused commitments of 0.5% per year.

(d)The unused borrowing capacity on the C&W Regional Facilities comprises certain U.S. dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities.

(e)The outstanding principal amount on the C&W Regional Facilities comprises certain JMD, U.S. dollar and East Caribbean dollar denominated credit facilities.

(f)Represents a weighted average rate.

The details of our borrowings under the LPR Credit Facilities as of December 31, 2025 are summarized in the following table:


LPR Credit Facilities	Maturity	Interest rate	Unused borrowing capacity		Outstanding principal amount		Carrying value (a)
			in millions
LPR Revolving Credit Facility (b)	March 15, 2027	Adjusted Term SOFR + 3.50%	$	116.0	$	56.5	$	56.5
2028 LPR Term Loan	October 15, 2028	Adjusted Term SOFR + 3.75% (c)	—		620.0		617.9
2030 LPR Credit Agreement (d)	September 23, 2030	9.75%	50.0		208.0		195.8
Total			$	166.0	$	884.5	$	870.2

(a)Amounts are net of discounts and deferred financing costs, as applicable.

(b)Has a fee on unused commitments of 0.5% per year.

(c)Subject to a SOFR floor of 0 basis points.

(d)Has a fee on unused commitments of 1.0% per year.

LCR Credit Facilities

The details of the LCR Credit Facilities as of December 31, 2025 are summarized in the following table:


LCR Credit Facilities	Maturity	Interest rate	Unused borrowing capacity		Outstanding principal amount		Carrying value (a)
			in millions
LCR Revolving Credit Facility (b)	January 15, 2028	Adjusted Term SOFR + 4.25%	$	60.0	$	—	$	—
2031 LCR Term Loan A (c)	January 15, 2031	10.875%	—		50.0		49.2
2031 LCR Term Loan B (c)	January 15, 2031	10.875%	—		400.0		390.4
2033 LCR Term Loan A	August 14, 2033	Term SOFR + 3.50%	—		65.0		63.1
Total			$	60.0	$	515.0	$	502.7

(a)Amounts are net of deferred financing costs.

(b)Has a fee on unused commitments of 0.5% per year.

(c)Subsequent to December 31, 2025, $40 million of the 2031 LCR Term Loan B outstanding principal amount was repaid at a price of 103% and $5 million of 2031 LCR Term Loan A outstanding principal amount was repaid at par.

In the tables below, non-cash activity relates to borrowings that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of the outstanding debt instruments within the same borrowing group.

During 2025, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, are as follows:


Borrowing group/Borrower	Instrument	Issued at	Amount borrowed (a)		Non–cash component
			in millions
C&W	2027 C&W RCF (b)	N/A	$	117.1	$	—
C&W	2029 C&W RCF (b)	N/A	$	241.9	$	—
C&W	2033 C&W Senior Notes	100%	$	755.0	$	—
C&W	C&W Term Loan B-7 Facility	99.5%	$	1,522.4	$	1,510.0
Liberty Puerto Rico	2030 LPR Term Loan	96%	$	200.0	$	—
Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	$	226.1	$	—
Liberty Costa Rica	2033 LCR Term Loan A	100%	$	65.0	$	—
Liberty Costa Rica	LCR Revolving Credit Facility	N/A	$	61.3	$	—

N/A – Not applicable.

(a)Amounts borrowed are net of original issue discounts, as applicable.

(b)The 2027 C&W RCF and 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, the C&W Revolving Credit Facility was amended. Under the terms of the amended agreement, $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, if any, of the refinancing of the C&W Term Loan B-6 Facility.

During 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:


Borrowing group/Borrower	Instrument	Issued at	Amount borrowed
			in millions
C&W	C&W Other Facilities (a)	100%	$	22.5
C&W	C&W Revolving Credit Facility (b)	N/A	$	275.0
C&W	2032 C&W Senior Secured Notes	100%	$	1,000.0
Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	$	120.0
Liberty Costa Rica	LCR Revolving Credit Facility	N/A	$	31.0

N/A – Not applicable.

(a)This borrowing is due in three annual installments beginning in May 2025.

(b)In September 2024, an extension agreement was executed on the 2029 C&W RCF, which extended the maturity date of a portion of the 2029 C&W RCF to: (i) July 31, 2027, upon the refinancing of the 2027 C&W Senior Secured Notes and 2027 C&W Senior Notes in full, (ii) then April 15, 2029, upon the refinancing of the C&W Term Loan B-5 Facility, and (iii) then September 24, 2029, upon the refinancing of the C&W Term Loan B-6 Facility.

During 2023, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:


Borrowing group/Borrower	Instrument	Issued at	Amount borrowed
				in millions
C&W	C&W Other Facilities	100%		$	69.0
C&W	C&W Revolving Credit Facility	N/A		$	40.0
C&W	C&W Regional Facilities	N/A		$	20.0
C&W	CWP Credit Facilities	N/A		$	10.0
Liberty Puerto Rico	LPR Revolving Credit Facility	N/A		$	65.0
Liberty Costa Rica	2031 LCR Term Loan A	100%		$	50.0
Liberty Costa Rica	2031 LCR Term Loan B	100%		$	400.0
Liberty Costa Rica	LCR Revolving Credit Facility (a)	N/A		$	—

(a)For details on the LCR Revolving Credit Facility, see LCR Credit Facilities above.

During 2025, we made certain repurchases or repayments on the following debt instruments:


Borrowing group/Borrower	Instrument	Redemption Price	Amount paid		Non-cash component
			in millions
C&W	2027 C&W RCF	100%	$	109.7	$	—
C&W	2029 C&W RCF	100%	$	279.3	$	—
C&W	2027 C&W Senior Notes	100.859%	$	735.0	$	—
C&W	C&W Term Loan B-5 Facility	100%	$	1,510.0	$	1,510.0
C&W	C&W Regional Facilities	100%	$	30.5	$	—
Liberty Puerto Rico	LPR Revolving Credit Facility	100%	$	219.6	$	—
Liberty Costa Rica	LCR Revolving Credit Facility	100%	$	61.3	$	—

During 2024, we made certain repurchases or repayments on the following debt instruments:


Borrowing group/Borrower	Instrument		Redemption price	Amount paid

				in millions
C&W	2027 C&W Senior Secured Notes		100%	$	495.0
C&W	2027 C&W Senior Notes		100.859%	$	485.0
C&W	C&W Revolving Credit Facility		100%	$	245.0
C&W	C&W Other Facilities		100%	$	23.0
C&W	C&W Regional Facilities		100%	$	20.0
C&W	CWP Revolving Credit Facility		100%	$	10.0
Liberty Puerto Rico	LPR Revolving Credit Facility		100%	$	70.0
Liberty Costa Rica	LCR Revolving Credit Facility		100%	$	31.0
Liberty Latin America	Convertible Notes	a	(a)	$	219.2

(a)During 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 $102 million of the Convertible Notes Capped Calls for immaterial value on settlement during the first quarter of 2024 and the remaining amount expired with no value on the July 15, 2024 maturity date of the Convertible Notes.

During 2023, we made certain repurchases or repayments on the following debt instruments:


Borrowing group/Borrower			Amount paid
	Instrument	Redemption price	Borrowing currency		USD equivalent (a)
			USD in millions, CRC in billions
C&W	C&W Revolving Credit Facility	100%	$	40.0	$	40.0
Liberty Puerto Rico	LPR Revolving Credit Facility	100%	$	65.0	$	65.0
Liberty Costa Rica	LCR Term Loan B-1 Facility	100%	$	276.7	$	276.7
Liberty Costa Rica	LCR Term Loan B-2 Facility	100%	CRC	79.6	$	138.6
Liberty Latin America	Convertible Notes	(b)	$	173.0	$	173.0

(a)Translated at the transaction date, as applicable.

(b)During 2023, we repurchased and cancelled $182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9%. In connection with these repurchases, we unwound $182 million of the related Convertible Notes Capped Calls.

Schedule of Maturities of Debt

Maturities of our debt as of December 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on December 31, 2025 exchange rates.


	C&W		Liberty Puerto Rico		Liberty Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2026	$	328.0	$	77.0	$	—	$	1.3	$	406.3
2027	12.1		1,162.8		—		0.7		1,175.6
2028	490.7		620.6		—		—		1,111.3
2029	595.8		820.7		—		—		1,416.5
2030	13.5		213.5		—		—		227.0
Thereafter	3,465.6		32.5		515.0		—		4,013.1
Total debt maturities	4,905.7		2,927.1		515.0		2.0		8,349.8
Premiums, discounts and deferred financing costs, net	(43.2)		(23.8)		(12.3)		—		(79.3)
Total debt	$	4,862.5	$	2,903.3	$	502.7	$	2.0	$	8,270.5
Current portion	$	328.0	$	77.0	$	—	$	1.3	$	406.3
Long-term portion	$	4,534.5	$	2,826.3	$	502.7	$	0.7	$	7,864.2

(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.