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Liberty Media Corporation Announces Closing of Refinancing of MotoGP™ Debt Facilities
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Media Corporation (“Liberty”) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) announced today that Dorna Sports, S.L.
About this update from Atlanta Braves Holdings, Inc. - Series A
[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty”) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) announced today that Dorna Sports, S.L. (“MotoGP”) closed the refinancing and maturity extension of its first lien Term Loan B, first lien Term Loan A and first lien revolving credit facility on August 18, 2025. MotoGP is a subsidiary of Liberty and is the exclusive commercial rights holder of the FIM MotoGP™ World Championship.\n\n\nMotoGP refinanced the previous €975 million Term Loan B with a maturity of March 31, 2029 with a new €800 million Term Loan B with a maturity of August 18, 2032, the previous €150 million Term Loan A with a maturity of September 29, 2028 with a new $232.5 million Term Loan A with a maturity of August 18, 2030 and the previous €100 million multicurrency revolving credit facility with a maturity of September 30, 2028 with a new €100 million multicurrency revolving credit facility with a maturity of August 18, 2030. The net reduction of €125 million under the debt facilities was funded with cash from MotoGP’s balance sheet. Based on MotoGP’s balance sheet as of June 30, 2025 and assuming exchange rates as of that date, pro forma for the refinancing transactions, MotoGP has approximately $187 million of cash and liquid investments and principal amount of debt of $1.2 billion. MotoGP’s net senior secured leverage ratio as of June 30, 2025 as defined in its credit facility and pro forma for the refinancing transactions is 5.2x.\n\n\nThe margin for the Term Loan B has been reduced from 3.25% to 2.75% (with a range of 2.25% to 2.75% based on MotoGP’s consolidated net senior secured leverage ratio) with a reference rate of EURIBOR. The margin for the Term Loan A has been reduced from 2.50% to 1.75% (with a range of 1.50% to 2.00% based on MotoGP’s consolidated net senior secured leverage ratio) with a reference rate of Term SOFR. The margin for the revolving credit facility has been reduced from 2.50% to 2.25% (with a range of 2.00% to 2.50% based on MotoGP’s consolidated net senior secured leverage ratio) with a reference rate of one of Term SOFR, SONIA or EURIBOR based on the currency of the applicable borrowing. The Term Loan B, the Term Loan A and the revolving credit facility remain non-recourse to Liberty. MotoGP, together with the debt described herein, is attributed to Liberty’s Formula On...