Liberty Broadband reports participation in tender for exchangeables

By Wendy Van Sickle

Columbus, Ohio, Feb. 28 – Liberty Broadband Corp. announced the results of the any-and-all tender offer for three exchangeable debentures on Tuesday, according to a press release.

The company said it received the following tenders by the deadline, 5 p.m. ET on Feb. 27:

• All of the $14,536,000 outstanding 1.75% exchangeable senior debentures due 2046 (Cusip: 36164VAA5) issued by wholly owned subsidiary Grizzly Merger Sub 1, LLC for $1,137.50 per $1,000 debenture;

• All of the $575 million outstanding 2.75% exchangeable senior debentures due 2050 (Cusip: 530307AA5) for a par purchase price; and

• $822,994,000, or 99.76%, of the $825 million outstanding 1.25% exchangeable senior debentures due 2050 (Cusip: 530307AC1) for a par purchase price.

Interest was also to be paid to the settlement date, which was expected to be Feb. 28.

The tender offer is being funded from a new offering of $1.27 billion 3.125% exchangeable senior debentures due 2053, existing cash on hand and possibly borrowings under the margin loan agreement of Liberty Broadband’s indirect wholly owned special purpose entity. The offer was conditioned on the sale of the new debentures.

The tender offer was announced on Feb. 21.

There are guaranteed delivery procedures. Guaranteed deliveries are due by 5 p.m. ET on March 1. Settlement for tenders via that method will be on March 2.

D.F. King & Co., Inc. is the information agent for the offers (800 487-4870, 212 269-5550, LBRDA@dfking.com, www.dfking.com/LBRDA).

BofA Securities, Inc. (888 292-0070, 980 388-3646, debt_advisory@bofa.com), Morgan Stanley & Co. LLC (855 483-0952) and RBC Capital Markets, LLC (212 618-7843, 877 381-2099) are acting as the joint dealer managers for the tender offers.

Liberty’s principal assets consist of interest in Charter Communications and its subsidiary GCI. The company is based in Englewood, Colo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.