Deal Description: Liberty Media Corporation (“Liberty”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it intends to offer $375 million aggregate principal amount of convertible senior notes (the “Notes”) in a private offering. Liberty also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $50 million principal amount of Notes.
The Notes will be convertible into cash, shares of Liberty’s Series C Liberty Formula One common stock (“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.
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 (the “1% Convertible Notes”) in one or more individual privately negotiated transactions and for general corporate purposes.
Baker Botts represented Liberty Media Corporation.
The company’s press release may be found here.
Baker Botts Lawyers/Offices:
Corporate: Samantha Hale Crispin (Partner, Dallas), Robert Wann (Partner, New York), Sarah Dodson (Special Counsel, Houston), Lee Davis (Special Counsel, Washington, D.C.), Charlie Gili (Associate, New York), Brendan LeMay (Law Clerk, New York)
Tax: Tamar Stanley (Partner, Washington, D.C.)
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