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Liberty Media gets tenders for 51% of its notes under Dutch auction
By Susanna Moon
Chicago, June 1 - Liberty Media LLC said it completed its cash tender offer under a modified Dutch auction for up to $400 million principal amount of its $802.5 million outstanding 5.7% senior notes due 2013, which expired at midnight ET on May 28.
Investors tendered $520,391,000 principal amount of the notes, and Liberty accepted for purchase $409,950,000 principal amount, or 51%, of the notes at a purchase price of $1,030 per $1,000 principal amount.
Of the amount accepted, $409,054,000 of notes was tendered by 5 p.m. ET on May 14, the early tender date, and $896,000 was tendered after the early cutoff.
Holders who tendered notes by the early date will receive the total payout, including a premium of $30.00 per note.
Also, $9.95 million of notes was accepted under securities laws that permit Liberty to purchase up to an additional 2% of outstanding notes without amending or extending the tender offer, according to a company press release.
Liberty said it will deposit funds on June 2 with the Depositary Trust Co. for the purchase, including accrued interest to the purchase date.
The company noted previously that it would use cash on hand to fund the offer. A Liberty Media spokesperson called the offer "an effective use of cash."
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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