Liberty Media Corporation Prices Private Offering of $1.0 Billion of 2.375% Exchangeable Senior Debentures Due 2053

About this update from Liberty Media Corporation - Series A Liberty Formula One

[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) announced today that it has priced and agreed to sell to initial purchasers in a private offering $1.0 billion aggregate original principal amount of its 2.375% exchangeable senior debentures due 2053 (the “Debentures”). Liberty has also granted to the initial purchasers an option to purchase up to an additional $150 million aggregate original principal amount of Debentures.\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 9.5 million shares of Live Nation common stock are initially attributable to the Debentures (assuming the initial purchasers do not exercise their option to purchase additional Debentures). Interest will be 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\nThe offering is expected to close on September 14, 2023, subject to the satisfaction of customary closing conditions and is expected to result in approximately $985 million in net proceeds to Liberty after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Liberty (assuming no exercise of the initial purchasers’ option to purchase additional Debentures). The net proceeds, as well as the Debentures, will be attributed to the Liberty Live Group tracking stock.\n\n\nLiberty expects to use the net proceeds of the offering to repurchase a total of approxim...

More updates from Liberty Media Corporation - Series A Liberty Formula One