[8-K] Liberty Global Ltd. Reports Material Event

Rhea-AI Filing Summary

Liberty Global Ltd. (Nasdaq: LBTYK) filed a Form 8-K to disclose that its Belgian subsidiary Telenet BV and related guarantors have amended and restated their long-standing senior secured Credit Agreement, first signed in 2007. The new Supplemental Agreement, executed on 30 June 2025, introduces several structural changes designed to streamline liquidity management and extend tenor.

• Revolving Facility consolidation: The previous Revolving Facilities A & B are collapsed into a single tranche with a new final maturity of 31 May 2029.
• Incremental liquidity: Aggregate revolving commitments rise by €30.0 million (≈ US$35.3 million) through the accession of a new lender.
• Sustainability amendments: Clause 12.13 (Sustainability Adjustments) is revised, signalling an increased link between pricing and ESG performance, although exact KPIs are not detailed in the filing.

The amendment maintains The Bank of Nova Scotia as Facility Agent and KBC Bank NV as Security Agent; all obligors remain wholly-owned within the Liberty Global/Telenet structure, leaving recourse unchanged. Exhibits 4.1 and related XBRL files provide the full legal text. No financial statements accompany the filing, and no immediate draw is disclosed, so the change primarily enhances available liquidity and simplifies covenant tracking without materially altering leverage today.

Positive

• Extended revolver maturity to 31 May 2029, reducing near-term refinancing risk.
• €30 million increase in revolving commitments adds liquidity headroom.
• Sustainability clause revisions may align pricing with ESG performance, potentially lowering future interest costs.

Negative

• Higher undrawn commitment fees and potential future borrowings could marginally increase financing costs and leverage.

Insights

Senior Credit Analyst

TL;DR Liquidity up €30 m, revolver maturity pushed to 2029; covenant tweaks minor—credit profile modestly strengthened.

The amendment lengthens the weighted average life of Telenet's bank debt and marginally increases headroom. By collapsing two revolving tranches into one, the company removes potential mismatch risk and reduces administrative costs. The added €30 million commitment—roughly 3 % of Telenet’s €1 billion+ debt stack—offers incremental flexibility but is not large enough to alter leverage metrics materially. Sustainability adjustments could lower margin if ESG goals are met, a potential cost benefit. Because no new term debt or liens are introduced, senior secured creditors are structurally unchanged, suggesting the impact is credit-positive but not transformative.

Equity Research Analyst

TL;DR Extension and upsizing improve liquidity optics; neutral for near-term earnings.

From an equity standpoint, the €30 million revolver increase and four-year tenor extension provide additional operating flexibility ahead of Telenet’s fibre build-out. However, the filing does not announce any draw or pricing details, so there is no immediate P&L effect. Investors focused on free-cash-flow should note that a larger undrawn facility may carry higher commitment fees, though these will be immaterial to consolidated Liberty Global results. Overall, I classify the development as incrementally positive for flexibility and risk management but not a catalyst for valuation.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): June 30, 2025

Liberty Global Ltd.

(Exact Name of Registrant as Specified in Charter)

Bermuda

001-35961

98-1750381

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification #)

Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda

(Address of Principal Executive Office)

+1.303.220.6600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A common shares			LBTYA			Nasdaq Global Select Market
Class B common shares			LBTYB			Nasdaq Global Select Market
Class C common shares			LBTYK			Nasdaq Global Select Market

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Telenet BV (the “Company”) as original borrower and the Company, Telenet International Finance S.à r.l., Telenet Financing USD LLC and Telenet Group BV, as guarantors (each an “Original Guarantor” and together the “Original Guarantors”), The Bank of Nova Scotia as facility agent (the “Facility Agent”) and KBC Bank NV as security agent, among others, are parties to a Credit Agreement, originally dated August 1, 2007, as amended from time to time, and most recently amended and restated on June 30, 2025 (the “Credit Agreement”). Each Original Guarantor is a direct or an indirect wholly-owned subsidiary of Telenet Group Holding NV and Telenet Group Holding NV is an indirect wholly-owned subsidiary of Liberty Global Ltd.

Capitalized terms used below shall have the meanings given to them in the Amended and Restated Credit Agreement (as defined below).

On June 30, 2025, the Company, the Facility Agent, the entities named therein as Obligors and the entity named therein as Acceding Lender, among others, entered into a supplemental agreement (the “Supplemental Agreement”) to amend and restate the Credit Agreement (the Credit Agreement, as amended and restated by the Supplemental Agreement, the “Amended and Restated Credit Agreement”) to, among other things:

•provide for certain amendments to Clause 12.13 (Sustainability Adjustments) of the Credit Agreement;

•collapse the existing bifurcation of the Revolving Facility tranches (Revolving Facility A and Revolving Facility B) into a single Revolving Facility tranche with a Final Maturity Date of May 31, 2029; and

•increase the total commitments under the Revolving Facility by €30.0 million ($35.3 as at the June 30, 2025 exchange rate) by way of the accession of the Acceding Lender as a new Revolving Facility Lender.

The Supplemental Agreement and the Amended and Restated Credit Agreement are attached hereto as Exhibit 4.1 and are incorporated herein by reference. The foregoing description of the Amended and Restated Credit Agreement is not complete and is subject to and qualified in its entirety by reference to the full text thereof set forth in Exhibit 4.1.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit No.						Exhibit Name
4.1						Supplemental Agreement dated June 30, 2025, between, among others, Telenet BV as company and The Bank of Nova Scotia as facility agent and attached as a schedule thereto, a copy of the Amended and Restated Credit Agreement dated June 30, 2025, between, among others, Telenet BV as original borrower and The Bank of Nova Scotia as facility agent and KBC Bank NV as security agent.
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			LIBERTY GLOBAL LTD.
			By:			/s/ RANDY L. LAZZELL
						Randy L. Lazzell
						Vice President

Date: July 1, 2025

FAQ

What did Liberty Global (LBTYK) announce in its June 30 2025 8-K?

An amendment and restatement of Telenet’s Credit Agreement, consolidating revolver tranches, extending maturity to 2029, and adding €30 m in commitments.

How much additional liquidity was obtained under the amended revolver?

The commitments under the Revolving Facility increased by €30.0 million (≈ US$35.3 million).

When does the new single Revolving Facility mature?

The final maturity date is 31 May 2029.

Were any sustainability-linked features changed?

Yes. Clause 12.13 (Sustainability Adjustments) was amended, though specific KPIs are not disclosed in the filing.

Does the amendment change Liberty Global’s leverage immediately?

No. The filing reports no immediate draw; therefore, leverage ratios remain unchanged today.