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Liberty Media gets tenders for 64.6% of notes in Dutch auction so far
By Susanna Moon
Chicago, May 17 - Liberty Media LLC said investors have tendered $518,448,000 principal amount, or 64.6%, of its $802.5 million outstanding 5.7% senior notes due 2013 in the tender offer for up to $400 million principal amount of the notes.
The tendered amount is as of 5 p.m. ET on May 14, the early tender date. The offer began on May 3 and will end at midnight ET on May 28.
Liberty said it will accept notes on a pro rata basis because the tendered amount exceeds the offer cap.
The company said it received tenders at various bid prices within the acceptable bid price range of $1,010 to $1,045 per $1,000 principal amount.
The total purchase price includes a $30 premium for notes tendered by the early tender date.
The company noted on May 4 that it will use cash on hand to fund the offer. A Liberty Media spokesperson called the offer "an effective use of cash."
As previously reported, Liberty Media will pay $1,010 to $1,045 for each $1,000 principal amount, including a $30 premium for notes tendered by 5 p.m. ET on May 14, the early tender date.
Liberty Media said under the modified Dutch auction, holders will specify a bid price for the minimum payment they are willing to receive for tendered notes. Holders who tender notes without specifying a bid price will be deemed to have specified $1,010 per $1,000 principal amount.
The company will pay accrued interest up to the settlement date, which is expected to be June 2.
Notes may be withdrawn any time prior to 5 p.m. ET on May 14.
Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) is the dealer manager. Global Bondholder Services Corp. (866 873-7700 or for banks and brokers 212 430-3774) is the information agent and depositary.
Liberty Media is an intermediate holding company of Liberty Media Corp., which is a holding company based in Englewood, Colo. It owns interests in electronic retailing, media, communications and entertainment businesses.
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