Business
Liberty Latin America Ltd. Announces Intent to Conduct Subscription Rights Offering
DENVER, Colorado--(BUSINESS WIRE)-- Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) announced today
About this update from Liberty Latin America Ltd.
[{"type":"text","content":" DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) announced today the declaration of a distribution of pro rata subscription rights (the “Class C Rights”) to all holders of record as of September 8, 2020 of its Class A common shares, Class B common shares and Class C common shares (together, the “Liberty Latin America common shares”) to acquire shares of its Class C common in a rights offering (the “Rights Offering”). The aggregate intended offering size of the Rights Offering is $350 million. Net proceeds from any exercise of rights in the Rights Offering are expected to be used to finance acquisitions, including the recently announced acquisition of Telefónica’s Costa Rica mobile business, and for other general corporate purposes.\n\n\nEach whole Class C Right will entitle the holder to acquire one share of Liberty Latin America’s Class C common shares (“Class C common shares”) at a 25% discount to the volume weighted average price of the Class C common shares over a period prior to the record date. Each Class C Right will include an oversubscription right which will entitle any holder who exercises its basic subscription right in full to acquire additional Class C common shares (subject to proration) at the same subscription price if there are unsubscribed rights. The Class C Rights will be transferable, and Liberty Latin America expects the Class C Rights to be publicly traded. The Rights Offering is expected to commence September 11, 2020 and expire September 25, 2020. The distribution date for the Class C Rights is expected to be 5:00 p.m., New York City time, on September 10, 2020. Each member of LLA’s Board of Directors and executive management team has advised Liberty Latin America that he or she intends to exercise their basic subscription rights in full. Additionally, two significant shareholders, John Malone and Searchlight Capital Partners, each have advised Liberty Latin America that they intend to exercise their basic subscription rights in full.\n\n\nOnce NASDAQ has determined the ex-dividend date for the Rights Offering, Liberty Latin America will file a Form 8-K announcing such date. Liberty Latin America intends to announce additional information regarding the Class C Rights and the Rights Offering when such information...