Liberty Media Corporation Closes Private Offering of $575 Million of 3.75% Convertible Senior Notes Due 2028

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[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it has closed its previously announced private offering of $575 million aggregate principal amount of its 3.75% convertible senior notes due 2028 (the “Notes”), including notes with an aggregate principal amount of $75 million issued pursuant to the exercise of an option granted to the initial purchasers, which was exercised in full.\n\nThe Notes will be convertible into shares of Liberty’s Series A Liberty SiriusXM common stock (“LSXMA”), which may be settled at Liberty’s election in LSXMA, cash or a combination thereof. Prior to December 15, 2027, the Notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and on and after December 15, 2027, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will have an initial conversion rate of 25.9000 shares of LSXMA per $1,000 principal amount of Notes, representing an initial conversion price of approximately $38.61 for each share of LSXMA, which represents a conversion premium of approximately 30% to the last reported sale price of $29.70 per share of LSXMA on the Nasdaq Global Select Market on March 7, 2023.\n\nThe Notes will mature on March 15, 2028, unless earlier redeemed, repurchased or converted. Interest will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2023. Liberty may redeem for cash all or any portion of the Notes (subject to certain limitations), at its option, on or after March 20, 2026, if the last reported sale price of LSXMA has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on the trading day immediately preceding the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.\n\nLiberty expects to use the proceeds of the offering, together with the other cash amounts as described below, to repurchase ...

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