Business
Liberty Broadband Corporation Closes Private Offering of $1,265 Million of 3.125% Exchangeable Senior Debentures due 2053 and Announces Results of Its Cash Tender Offers for the Outstanding Existing Debentures
Offering of $1,265 Million of 3.125% Exchangeable Senior Debentures due 2053 ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty
About this update from Liberty Broadband Corporation
[{"type":"text","content":"\n Offering of $1,265 Million of 3.125% Exchangeable Senior Debentures due 2053\n\n ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) announced today that it has closed its previously announced private offering of $1,265 million aggregate original principal amount of its 3.125% exchangeable senior debentures due 2053 (the “Debentures”) exchangeable for Charter Communications, Inc. (“Charter”) Class A common stock, including Debentures in an aggregate original principal amount of $165 million issued pursuant to the exercise of an option granted to the initial purchasers, which was exercised in full on February 23, 2023.\n\nUpon an exchange of Debentures, Liberty Broadband, at its option, may deliver shares of Charter Class A common stock or the value thereof in cash or any combination of shares of Charter Class A common stock and cash. Initially, 1.8901 shares of Charter Class A common stock are attributable to each $1,000 original principal amount of Debentures, representing an initial exchange price of approximately $529.07 for each share of Charter Class A common stock. A total of 2,390,977 shares of Charter Class A common stock are attributable to the Debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2023. The Debentures may be redeemed by Liberty Broadband, in whole or in part, on or after April 6, 2026. Holders of Debentures also have the right to require Liberty Broadband to purchase their Debentures on April 6, 2026. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the Debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution.\n\nLiberty Broadband used the net proceeds of the offering, together with existing cash on hand, to repurchase all of the outstanding 1.75% Exchangeable Senior Debentures due 2046 of Grizzly Merger Sub 1, LLC, Liberty Broadband’s wholly owned subsidiary, all of Liberty Broadband’s outstanding 2.75% Exchangeable Senior Debentures due 2050 and a significant portion of Liberty Broadband’s outstanding 1.25% Exchangeable Senior Debentures due 2050 (each as described below).\n\nThe offering of the Debentures has not been registered under the Securities Act of 1933, as ame...