On January 15, 2016, Grand Canyon Education, Inc. amended its credit agreement with Bank of America, N.A. as Administrative Agent and other lenders. The amendment increases the University's revolving line of credit from $50 million to $150 million through December 2017 to be utilized for working capital, capital expenditures, and other general corporate purposes. The Agreement, as amended, contains standard covenants, including covenants that, among other things, restrict the University's ability to incur additional debt or make certain investments, require the University to maintain compliance with certain applicable regulatory standards, and require the University to maintain a certain financial condition.

Indebtedness under the Agreement is secured by the University's assets and is guaranteed by certain of the University's subsidiaries.