Liberty Media Corporation Announces Extraordinary Cash Distribution on 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049 Resulting from SIRI Special Cash Dividend

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[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty Media”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) announced today that it will pay an extraordinary cash distribution to the holders of its 2.125% Exchangeable Senior Debentures due 2048 (the “2.125% Debentures”) and to the holders of its 2.75% Exchangeable Senior Debentures due 2049 (the “2.75% Debentures”). This distribution is the result of the declaration by Sirius XM Holdings Inc. (“SIRI”) of a special cash dividend of $0.25 per share payable to SIRI stockholders of record as of the close of business on February 11, 2022. The total amount of the SIRI special cash dividend is expected to be approximately $1 billion. Liberty Media’s ownership of SIRI as of January 28, 2022 is approximately 81.2%.\n\nIn accordance with the indenture pursuant to which the 2.125% Debentures were issued (the “2.125% Debentures Indenture”) and the indenture pursuant to which the 2.75% Debentures were issued (the “2.75% Debentures Indenture”), respectively, Liberty Media is to make the extraordinary cash distribution to holders of the 2.125% Debentures and to the holders of the 2.75% Debentures on the fifth business day following the date the special cash dividend is paid by SIRI to its stockholders. SIRI has announced that it will pay its special cash dividend on February 25, 2022, in which case Liberty Media will pay its extraordinary cash distribution on March 4, 2022 to holders of the 2.125% Debentures and to the holders of the 2.75% Debentures, in each case, as of a special record date of February 11, 2022. The extraordinary cash distribution will be $31.1731 per 2.125% Debenture (for a total payment of approximately $12.5 million to holders of the 2.125% Debentures) and $29.0057 per 2.75% Debenture (for a total payment of approximately $17.5 million to holders of the 2.75% Debentures), with expected aggregate payments across both the 2.125% Debentures and the 2.75% Debentures of approximately $30 million.\n\nIn accordance with the 2.125% Debentures Indenture and the 2.75% Debentures Indenture, respectively, the principal amount of the 2.125% Debentures and the principal amount of the 2.75% Debentures is to be reduced by the amount of any extraordinary cash distribution that we pay on the 2.125% Debentures and on the 2.75% Debentures, respectively. In add...

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