Liberty Media Corporation Closes Private Offering of $1.15 Billion of 2.375% Exchangeable Senior Debentures Due 2053

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[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) announced today that it has closed its previously announced private offering of $1.15 billion aggregate original principal amount of its 2.375% exchangeable senior debentures due 2053 (the “Debentures”), inclusive of Debentures in an aggregate original principal amount of $150 million issued pursuant to the exercise of an option granted to the initial purchasers, which was exercised in full.\n\n\nUpon an exchange of Debentures, Liberty may, at its option, deliver shares of Live Nation Entertainment, Inc. (“Live Nation”) common stock, the value thereof in cash, or a combination of shares of Live Nation common stock and cash. Initially, 9.5320 shares of Live Nation common stock are attributable to each $1,000 original principal amount of Debentures, representing an initial exchange price of approximately $104.91 for each share of Live Nation common stock. A total of approximately 10.96 million shares of Live Nation common stock are initially attributable to the Debentures. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2023. The Debentures may be redeemed by Liberty, in whole or in part, on or after September 30, 2028. Holders of the Debentures also have the right to require Liberty to purchase their Debentures on September 30, 2028. 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\n\nIn connection with the closing of the private offering of the Debentures, Liberty repurchased a total of approximately $858 million (inclusive of the approximately $713 million of previously announced proposed repurchases) in aggregate adjusted principal amount of its 0.5% exchangeable senior debentures due 2050, representing approximately 93% of such outstanding debentures, at an aggregate cost of approximately $918 million pursuant to individually privately negotiated transactions. Liberty expects to use the remaining net proceeds of the offering to settle exchanges of, or to redeem or repurchase, its remaining 0.5% Exchangeable Senior Debentures due 2050 in accordance with the ter...

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