GLIBA - GCI Liberty will repurchase $459M of debt with proceeds for LendingTree stake sale

After receiving ~$900M of net proceeds from the sale of its stake in LendingTree (TREE), GCI Liberty (GLIBA) plans to repurchase ~$459.0M of the $477.3M principal amount outstanding of senior debentures, exchangeable for Charter Communications (CHTR) class A common stock, in separate and privately negotiated transactions with certain holders of the debentures.Based on the closing price of shares of Charter common stock on Nov. 18, 2020, the total cost of the repurchases is estimated to be ~$819M in cash.The company also closed the sale of its stake in LendingTree for ~$1.01 in gross proceeds.The tax liability on the sale is expected to be partly offset by tax loss carryforwards and the tax loss incurred upon the repurchase of the debentures.After the repurchase of the debentures, GCI Liberty intends to use the rest of the proceeds for general corporate purposes, which could include share buybacks after the planned merger with Liberty

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GCI Liberty will repurchase $459M of debt with proceeds for LendingTree stake sale