- Liberty Broadband ( NASDAQ: LBRDA ) priced and agreed to sell to initial purchasers $1,100M original principal amount of its 3.125% exchangeable senior debentures due 2053 in a private offering exchangeable for Charter Communications Class A common stock.
- Offering is expected to close on Feb.28, 2023.
- Initial purchasers granted option to purchase additional debentures in original principal amount of up to $165M.
- Initially, 1.8901 shares of Charter Class A common stock are attributable to each $1,000 original principal amount of debentures, representing an initial exchange price of ~$529.07 for each share of Charter Class A common stock.
- Quarterly interest payable on Mar. 31, June 30, Sep. 30 and Dec. 31 of each year, commencing June 30, 2023.
- Net proceeds along with existing cash on hand will be used to repurchase any and all of the outstanding 1.75% Exchangeable Senior Debentures due 2046, Liberty Broadband’s outstanding 2.75% Exchangeable Senior Debentures due 2050 and its 1.25% Exchangeable Senior Debentures due 2050, and for general corporate purposes.
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Liberty Broadband prices $1,100M in exchangeable senior debentures offering