Business
Liberty Latin America Ltd. Announces Final Results of Rights Offering
DENVER, Colorado--(BUSINESS WIRE)-- Liberty Latin America Ltd. (“Liberty Latin America”) (Nasdaq: LILA and LILAK, OTC Link: LILAB) announced today the final
About this update from Liberty Latin America Ltd.
[{"type":"text","content":" DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Latin America Ltd. (“Liberty Latin America”) (Nasdaq: LILA and LILAK, OTC Link: LILAB) announced today the final results of its rights offering, which was fully subscribed and expired in accordance with its terms at 5:00 p.m., New York City time, on September 25, 2020.\n\nIn the rights offering, Liberty Latin America received validly exercised basic subscription requests amounting to approximately 96.7% of the 49,049,073 Class C common shares to be issued in the rights offering (which was the aggregate number of Class C common shares available for subscription in the rights offering, inclusive of the additional Class C common shares available for subscription as a result of rounding fractional rights up to the nearest whole right).\n\nAs a result of the high level of basic subscription, only 1,635,761 Class C common shares were available to fill validly exercised oversubscription requests, which will be allocated pro rata, based on the number of rights underlying such rightsholders’ basic subscription privilege. Liberty Latin America expects to receive gross proceeds from the rights offering of approximately $350 million, before expenses. The net proceeds from the rights offering will be used to finance acquisitions, including Liberty Latin America’s recently announced Telefónica Costa Rica Acquisition, and for general corporate purposes.\n\nLiberty Latin America expects the subscription agent to distribute the Class C common shares purchased in the rights offering on or about October 2, 2020. Liberty Latin America expects the subscription agent to distribute refunds for unfulfilled oversubscriptions of DTC participants on or about October 2, 2020 and to mail refund checks for unfulfilled oversubscriptions of registered holders on or about October 6, 2020. Any beneficial owner that exercised rights through a broker, dealer or nominee should contact such broker, dealer or nominee regarding when such beneficial owner should expect to receive their Class C common shares or refunds for unfulfilled oversubscriptions. It is expected that checks for the proceeds from the sale of rights by the subscription agent will be distributed beginning on October 6, 2020.\n\nFORWARD-LOOKING STATEMENTS\n\nThis press release includes certain forward-looking statements within the meaning of the Private Se...