- Liberty Media Corporation intends to offer $375M of convertible senior unsecured notes in a private offering.
- Initial purchasers granted an option to purchase up to an additional $50M principal amount of Notes.
- The notes will be convertible into cash, shares of Liberty’s Series C Liberty Formula One common stock ( NASDAQ: FWONK ) or a combination thereof, at Liberty’s election.
- The notes, as well as the associated cash proceeds, will be attributed to the Liberty Formula One tracking stock group.
- Interest will be payable semi-annually in arrears.
- Liberty expects to use the net proceeds of the offering, together with cash on hand, to make repurchases of Liberty’s existing 1% cash convertible notes due 2023 and for general corporate purposes.
- FWONA stock down 14% PM.
For further details see:
Liberty Media proposes private offering of $375M convertible senior notes