v3.25.2
Debt and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Debt and Lease Obligation [Abstract]  
Schedule of Debt
The U.S. dollar equivalents of the components of our debt are as follows:
 June 30, 2025Estimated fair value (c)Principal amount
Weighted
average
interest
rate (a)		Unused borrowing capacity (b)
Borrowing currencyUS $ equivalentJune 30,
2025		December 31, 2024June 30,
2025		December 31, 2024
in millions
C&W Notes
7.93 %— $— $1,772.8 $1,707.2 $1,755.0 $1,735.0 
C&W Credit Facilities (d)6.97 %(e)584.4 2,717.1 2,671.0 2,742.4 2,690.2 
LPR Senior Secured Notes
6.08 %— — 1,267.5 1,709.1 1,981.0 1,981.0 
LPR Credit Facilities8.16 %$115.5 115.5 438.9 598.9 677.0 670.0 
LCR Credit Facilities
10.71 %$25.0 25.0 513.9 481.7 485.0 450.0 
Vendor financing, Tower Transactions and other (f) (g)8.11 %— — 588.0 612.6 588.0 612.6 
Total debt before premiums, discounts and deferred financing costs7.36 %$724.9 $7,298.2 $7,780.5 $8,228.4 $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:    
June 30,
2025		December 31, 2024
in millions
Total debt before premiums, discounts and deferred financing costs
$8,228.4 $8,138.8 
Premiums, discounts and deferred financing costs, net
(72.6)(63.2)
Total carrying amount of debt
8,155.8 8,075.6 
Finance lease obligations
4.1 4.6 
Total debt and finance lease obligations
8,159.9 8,080.2 
Less: Current maturities of debt and finance lease obligations
(557.3)(465.7)
Long-term debt and finance lease obligations
$7,602.6 $7,614.5 
(a)Represents the weighted average interest rate in effect at June 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 June 30, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 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 June 30, 2025 compliance reporting requirements. At June 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 $319 million and $328 million at June 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 $81 million for each of the six months ended June 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.
Schedule of Line of Credit Facilities
During the six months ended June 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%
$82.9 $— 
2025C&W
2029 C&W RCF (b)
N/AApril 15, 2029
Term SOFR + 3.25%
$141.1 $— 
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%
$110.6 $— 
2025Liberty Costa RicaLCR Revolving Credit FacilityN/AJanuary 15, 2028
Term SOFR + 4.25%
$35.0 $— 
2024C&WC&W Other FacilitiesN/A(c)6.96%$22.5 $— 
2024C&WC&W Revolving Credit FacilityN/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$60.0 $— 
2024Liberty Puerto RicoLPR Revolving Credit FacilityN/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$25.0 $— 
2024Liberty Costa Rica
LCR Revolving Credit Facility
N/AJanuary 15, 2028
Term SOFR + 4.25%
$14.0 $— 
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 six months ended June 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%$51.5 $— 
2025C&W
2029 C&W RCF (a)
100%$107.5 $— 
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%$103.6 $— 
2024C&WC&W Revolving Credit Facility100%$60.0 $— 
2024C&WC&W Regional Facilities100%$20.0 $— 
2024C&WCWP Revolving Credit Facility100%$10.0 $— 
2024C&WC&W Other Facilities100%$23.0 $— 
2024Liberty Costa RicaLCR Revolving Credit Facility100%$14.0 $— 
2024Liberty Latin America
Convertible Notes
(b)$79.6 $— 
(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 $81 million original principal amount of the Convertible Notes at a weighted average redemption price of 98.7%. In addition, we unwound approximately $102 million of the Convertible Notes Capped Calls for immaterial value on settlement.
Schedule of Maturities of Debt
Maturities of our debt as of June 30, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2025 exchange rates:
C&WLiberty Puerto RicoLiberty Costa RicaLiberty Latin America (a)Consolidated
in millions
Years ending December 31:
2025 (remainder of year)$273.5 $84.8 $35.0 $0.5 $393.8 
2026150.7 20.5 — 1.0 172.2 
202713.2 1,163.0 — 0.5 1,176.7 
2028491.5 620.6 — — 1,112.1 
2029596.5 820.7 — — 1,417.2 
203011.2 5.5 — — 16.7 
Thereafter3,457.4 32.3 450.0 — 3,939.7 
Total debt maturities4,994.0 2,747.4 485.0 2.0 8,228.4 
Premiums, discounts and deferred financing costs, net
(46.8)(14.3)(11.5)— (72.6)
Total debt$4,947.2 $2,733.1 $473.5 $2.0 $8,155.8 
Current portion$420.2 $100.5 $35.0 $0.9 $556.6 
Non-current portion$4,527.0 $2,632.6 $438.5 $1.1 $7,599.2 
(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.