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Liberty Media to work on convertible redemptions from new notes
By Mary-Katherine Stinson
Lexington, Ky., March 7 – Liberty Media Corp. intends to use proceeds of a new convertible note offering and an amended margin loan to make repurchases of its 1.375% cash convertible notes due 2023 in individually privately negotiated transactions and to settle exchanges or repurchases of, or to redeem, its 2.125% exchangeable senior debentures, according to an 8-K filing with the Securities and Exchange Commission.
As of Dec. 31, there were $790 million of 1.375% cash convertible notes and $387 million of 2.125% exchangeable senior debentures outstanding.
The cost of the repurchases of the 1.375% notes is expected to be partially offset by the proceeds from the proportional termination and unwinding of the related bond hedges and warrants that were entered into in connection with the issuance of the notes.
Liberty expects that the number of shares of LSXMA into which the notes would be convertible will be less than the number of shares of LSXMA underlying the outstanding 1.375% cash convertible notes, based on the last reported sale price of $31.44 per share of LSXMA on the Nasdaq Global Select Market on March 6, 2023 and an aggregate principal amount of the notes of $575 million
Liberty Media is an Englewood, Colo.-based owner and operator of media, communications and entertainment businesses.
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