Liberty Media Corporation Proposes Private Offering of Exchangeable Senior Debentures

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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 intends to offer $900 million aggregate original principal amount of exchangeable senior debentures (the “Debentures”) in a private offering. Liberty also expects to grant the initial purchasers of the Debentures an option to purchase up to an additional $135 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. The Debentures, as well as the associated cash proceeds, will be attributed to the Liberty Live Group tracking stock.\n\n\nThe Debentures will be senior, unsecured obligations of Liberty, and interest will be payable quarterly, in arrears. The interest rate, initial exchange rate and other terms of the Debentures will be determined at the time of pricing of the offering.\n\n\nLiberty expects to use the net proceeds of the offering, together with existing cash on hand attributed to the Liberty Live Group tracking stock, to make repurchases of its 0.5% Exchangeable Senior Debentures due 2050 pursuant to individually privately negotiated transactions, to settle exchanges of, or to redeem, its 0.5% Exchangeable Senior Debentures due 2050 in accordance with the terms of the indenture governing such debentures and for general corporate purposes. As of June 30, 2023, there was $920 million aggregate adjusted principal amount of 0.5% Exchangeable Debentures due 2050 outstanding. The 0.5% Exchangeable Senior Debentures due 2050 may be redeemed by Liberty, in whole or in part, on or after September 1, 2024 and holders of such debentures also have the right to require Liberty to purchase such debentures on September 1, 2024.\n\n\nThe offering of the Debentures will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Debentures will be off...

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