Deal Description: On August 24, 2020, Liberty Broadband Corporation (“Liberty Broadband”) announced that it has priced and agreed to sell to initial purchasers in an upsized private offering $500 million aggregate original principal amount of its 2.75% exchangeable senior debentures due 2050 (the “Debentures”) exchangeable for Charter Communications, Inc. (“Charter”) Class A common stock. Liberty Broadband has also granted the initial purchasers an option to purchase additional Debentures in an aggregate original principal amount of up to $75 million.
Upon an exchange of Debentures, Liberty Broadband, at its option, may deliver shares of Charter Class A common stock or the value thereof in cash or a combination of shares of Charter Class A common stock and cash. The offering is expected to close on August 27, 2020, subject to customary closing conditions.
Baker Botts Represented Liberty Broadband in the transaction.
Baker Botts Lawyers/Office Involved:
Corporate: Samantha Crispin (Partner, Dallas); Adorys Velazquez (Partner, New York); Catherine Gallagher (Partner, Washington, D.C.); Frederick McGrath (Partner, New York); Beverly Reyes (Partner, New York); John Johnston (Special Counsel, New York); Lee Davis (Senior Associate, Washington, D.C.); Jennifer Ybarra (Associate, Dallas); Henry Klimowicz (Associate, New York)
Finance: Robert Wann (Partner, New York)
For more information, please see Liberty Broadband’s news release here.
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