Liberty Broadband subsidiary SPV entered into a multi-draw margin loan credit facility with Bank of America as the administrative agent.

SPV used a portion of the proceeds of the loans under the margin loan facility to repay certain existing margin loans of the company’s subsidiaries and is also permitted to use the proceeds for distributions as a dividend or a return of capital to the equity or limited liability company interests of any person owning equity interest in SPV, the purchase of margin stock and other general corporate purposes.

According to a related 8-K filing, the margin loan agreement permits SPV to borrow term loans up to an aggregate principal amount equal to $1 billion, with $500 million available to be funded not later than 10 business days after the closing date, and the remaining $500 million available to be funded at any time and from time to time after the later of the funding date and the repayment of certain existing indebtedness, but not later than the 12-month anniversary of the funding date.

SPV will also have the ability from time to time to request additional loans in an aggregate principal amount of up $1 billion on an uncommitted basis subject to certain conditions set forth in the margin loan facility. The loans will mature on August 30, 2019.

SPV’s obligations under the facility are secured by first priority liens on the shares of Charter Communications, owned by SPV.