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Liberty Media Corporation Proposes Private Offering of Convertible Senior Notes
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it
About this update from Atlanta Braves Holdings, Inc. - Series A
[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it intends to offer $500 million aggregate principal amount of convertible senior notes (the “Notes”) in a private offering. Liberty also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $75 million principal amount of Notes.\n\nThe Notes will be convertible into shares of Liberty’s Series A Liberty SiriusXM common stock (“LSXMA”), which may be settled at Liberty’s election in LSXMA, cash or a combination thereof. The Notes, as well as the associated cash proceeds, will be attributed to the Liberty SiriusXM Group.\n\nThe Notes will be senior, unsecured obligations of Liberty, and interest will be payable semi-annually in arrears. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the offering.\n\nLiberty expects to use the net proceeds of the offering, together with cash on hand and borrowings under Liberty Siri MarginCo, LLC’s margin loan that are in each case attributed to the Liberty SiriusXM Group, to make repurchases of Liberty’s existing 1.375% cash convertible notes due 2023 (the “1.375% Cash Convertible Notes”) pursuant to individually privately negotiated transactions (the cost of which is expected to be partially offset by the proceeds from the proportional termination and unwinding of the related bond hedges and warrants that Liberty entered into in connection with the issuance of such notes), to settle exchanges or repurchases of, or to redeem, Liberty’s existing 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures”) in accordance with the terms of the indenture governing such debentures, and for general corporate purposes.\n\nLiberty expects that the number of shares of LSXMA into which the Notes would be convertible will be less than the number of shares of LSXMA underlying the outstanding 1.375% Cash Convertible Notes, based on the last reported sale price of $31.44 per share of LSXMA on the Nasdaq Global Select Market on March 6, 2023 and an aggregate principal amount of the Notes of $575 million (assuming the init...