Liberty Media pays interest, distribution on 2.75% exchangeable debentures

Chicago, Sept. 5 – Liberty Media Corp. announced a quarterly interest payment and an excess regular additional distribution on its 2.75% exchangeable senior debentures due 2049, according to a press release.

The Liberty Media debentures are exchangeable into shares of Sirius XM, as reported when they were sold.

Liberty Media is allowed to make extraordinary additional distributions to debenture holders which reduce the principal amount outstanding.

After the principal amount has been reduced, the interest payment stays the same, but calculated such that the interest is allocated based on the current principal amount per note and the excess is considered a further reduction of principal.

To date, Liberty has made one extraordinary additional distribution. On March 4, 2022, Liberty made an extraordinary additional distribution of $29.0057 per $1,000 note due a special cash dividend paid on Feb. 25 by Sirius XM Holdings Inc. to holders of its common stock.

The company announced a Sept. 1 interest payment of $6.875 per $1,000 debenture, which reduced the principal amount outstanding to $586 million.

The payment included $6.67 of interest and $0.205 of principal.

The ending adjusted principal on each debenture is $969.9833, lower than the previous $970.1883.

The record date was Aug. 15.

Liberty also announced an excess regular additional distribution to holders of the debentures of $1.2635 per debenture, attributable to the regular quarterly dividend paid by Sirius of $0.0242 per share on May 24. The Sept. 1 payment of the additional distribution will not result in a reduction to the adjusted principal amount of the debentures.

Liberty Media is an Englewood, Colo.-based media, communications and entertainment company. Sirius is a New York-based broadcasting company that provides satellite radio and online radio services.

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