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Liberty Latin America Ltd. Announces Terms for Previously Announced Subscription Rights Offering
DENVER, Colorado--(BUSINESS WIRE)-- Liberty Latin America Ltd. (“Liberty Latin America”) (Nasdaq: LILA and LILAK, OTC Link: LILAB) announced today terms for
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 terms for Liberty Latin America's previously announced distribution (the “Rights Distribution”) of pro rata subscription rights (the “Class C Rights”) to holders of its Class A common shares, Class B common shares and Class C common shares (together, the “Liberty Latin America common shares”) to acquire its Class C common shares in a rights offering to follow such distribution (the “Rights Offering”). The distribution date for the Rights Distribution will be 5:00 p.m., New York City time, on September 10, 2020. As previously announced, the record date for the Rights Distribution will be 5:00 p.m., New York City time, on September 8, 2020 (such date and time, the “Rights Record Date”); however, as a result of “due bill” trading procedures, those persons acquiring Liberty Latin America common shares in the market following the Rights Record Date but prior to the ex-dividend date will be entitled to receive Class C Rights.\n\n\nIn the Rights Distribution, Liberty Latin America will distribute 0.2690 of a Class C Right for each Liberty Latin America common share held as of the Rights Record Date. Fractional Class C Rights will be rounded up to the nearest whole right, to be described in more detail in the prospectus (the “Prospectus”) to be included in Liberty Latin America's Registration Statement on Form S-3 which will be filed with the Securities and Exchange Commission (the “Commission”) prior to the Rights Distribution.\n\n\nEach whole Class C Right will entitle the holder to purchase, pursuant to the basic subscription privilege, one Class C common share at a subscription price of $7.14, which is equal to a 25% discount to the volume weighted average trading price of the Class C common shares for the 3-day trading period ending on and including September 2, 2020. Each Class C Right also entitles the holder to subscribe for additional Class C common shares that are unsubscribed for in the Rights Offering pursuant to an oversubscription privilege. Each member of Liberty Latin America’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 shareholder...