News Releases

Baker Botts Represents Formula 1 on the Refinancing of its First Lien Term Loan B and Revolving Credit Facility


Deal Description: Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced 23 November 2022 the closing of the refinancing of the first lien Term Loan B and first lien revolving credit facility of certain subsidiaries of Delta Topco Limited, the Liberty Media subsidiary which holds all of its interests in Formula 1, the iconic global motorsports business.

Delta Topco Limited and its subsidiaries (“Formula 1”) replaced the previous $500 million first lien revolving credit facility with a new $500 million revolving credit facility with an extended maturity and replaced the previous $2,902 million first lien Term Loan B with a new first lien Term Loan A of $725 million and a refinanced Term Loan B of $1,700 million. The transaction resulted in an aggregate reduction of debt which Formula 1 made using cash on hand.  

Baker Botts represented Formula 1. 

Liberty Media’s press release may be found here.

Baker Botts Lawyers/Offices Involved:

Finance: Stuart McIntyre (Partner, London), Robert Wann (Partner, New York), Nicholas Jones (Senior Associate, London), Spencer Crawford (Associate, Dallas), Jennifer O’Donoghue (Associate, London).

Tax: Josh Mandell (Partner, Dallas), Peter Farrell (Special Counsel, Washington), Graham Brough (Special Counsel, London).

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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