Liberty Media Corporation Announces Partial Unwind of DIRECTV Equity Collar Arrangement
25 11월 2008 - 10:00PM
PR Newswire (US)
ENGLEWOOD, Colo., Nov. 25 /PRNewswire-FirstCall/ -- Liberty Media
Corporation ("Liberty") (NASDAQ:LMDIANASDAQ:LMDIB) today announced
that it has chosen to unwind 50% of the first tranche of a DIRECTV
equity collar it entered into in April 2008. The previously
disclosed equity collar consists of a series of puts and calls in
tranches with a range of maturities. The first tranche expires in
2009 and originally had 22.5 million DIRECTV shares underlying it.
As a result of the partial unwind, this tranche now has 11.25
million DIRECTV shares underlying it. As part of this transaction,
Liberty repaid the portion of a loan associated with the equity
collar arrangement using funds drawn down on the remaining capacity
of that loan and proceeds generated from the partial collar unwind.
98.75 million DIRECTV shares now underlie the collar and total
borrowings against the collar arrangement are approximately $1.96
billion. Liberty had a net cash outflow of $1.8 million as a result
of the partial collar unwind and loan repayment. Liberty's
ownership interest in DIRECTV was not impacted by this transaction.
The collar and loan are attributed to the Liberty Entertainment
tracking stock group. About Liberty Media Corporation Liberty Media
Corporation owns interests in a broad range of electronic
retailing, media, communications and entertainment businesses.
Those interests are attributed to three tracking stock groups: (1)
the Liberty Interactive group (NASDAQ:LINTA), which includes
Liberty's interests in QVC, Provide Commerce, Backcountry.com,
BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2)
the Liberty Entertainment group (NASDAQ:LMDIA), which includes
Liberty's interests in The DIRECTV Group, Inc., Starz
Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue
Communications, Inc., and Liberty Sports Holdings LLC, and (3) the
Liberty Capital group (NASDAQ:LCAPA), which includes all
businesses, assets and liabilities not attributed to the
Interactive group or the Entertainment group including its
subsidiaries Starz Media, LLC, Atlanta National League Baseball
Club, Inc., and TruePosition, Inc., and minority equity investments
in Time Warner Inc. and Sprint Nextel Corporation. DATASOURCE:
Liberty Media Corporation CONTACT: Courtnee Ulrich,
+1-720-875-5420, for Liberty Media Corporation Web site:
http://www.libertymedia.com/
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