ENGLEWOOD, Colo., June 1 /PRNewswire-FirstCall/ -- Liberty Media
LLC ("Liberty"), a wholly-owned subsidiary of Liberty Media
Corporation (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA, LSTZB),
today announced the expiration and final results of the previously
announced cash tender offer (the "Tender Offer") for
up to $400 million aggregate
principal amount of its outstanding 5.70% Senior Notes due 2013
(CUSIP No. 530718AC9) (the "Notes"). The Tender Offer
expired at 12:00 Midnight, New York
City time, on May 28, 2010
(the "Expiration Date"). The Tender Offer was made
pursuant to the Offer to Purchase, dated May
3, 2010 (the "Offer to Purchase"), and the related
letter of transmittal.
Based on information provided by the Depositary for the Tender
Offer, $520,391,000 in aggregate
principal amount of Notes were validly tendered and not withdrawn
in the Tender Offer. Liberty accepted for purchase
$409,950,000 in aggregate principal
amount of Notes validly tendered and not withdrawn at a purchase
price of $1,030 per $1,000 principal amount (the "Total
Consideration"), which was determined pursuant to a modified
Dutch auction procedure described in the Offer to Purchase.
Holders of $409,054,000 in
aggregate principal amount of Notes validly tendered and did not
withdraw their Notes on or prior to 5:00
p.m., New York City time,
on May 14, 2010 (the "Early Tender
Date"), and such Notes were accepted for purchase pursuant to
the Tender Offer. Such holders will receive the Total
Consideration, which includes an "Early Tender Payment" of
$30.00, for each $1,000 principal amount of Notes so purchased.
Holders of $896,000 in
aggregate principal amount of Notes validly tendered their Notes
after the Early Tender Date, but prior to the Expiration Date, and
such Notes were accepted for purchase pursuant to the Tender Offer.
Such holders will receive the Total Consideration less the
Early Tender Payment for each $1,000
principal amount of Notes.
Of the $409,950,000 aggregate
principal amount of Notes accepted for purchase, $9,950,000 were accepted in accordance with the
securities laws which permit Liberty to purchase up to an
additional 2% of outstanding Notes without amending or extending
the Tender Offer. In accordance with the terms of the Tender
Offer, all of the Notes tendered at or below the Total
Consideration were accepted in the Tender Offer and are not subject
to proration. The aggregate principal amount of Notes that
Liberty accepted for purchase represents approximately 51% of the
$802,500,000 aggregate principal
amount of Notes that were outstanding prior to the expiration of
the Tender Offer.
All Notes purchased in the Tender Offer will be retired.
Any Notes that were tendered but not accepted for purchase
will be promptly returned to the tendering holders at Liberty's
expense and will remain outstanding.
Liberty will deposit with the Depositary Trust Company on
June 2, 2010 the amount of cash
necessary to pay for all Notes that are accepted for payment, which
payment will include accrued and unpaid interest to, but not
including, the date the Notes are purchased.
Additional Information
Liberty Media LLC retained Barclays Capital Inc. to act as the
Dealer Manager for the Tender Offer. Global Bondholder
Services Corporation served as the Information Agent and Depositary
for the Tender Offer. Questions regarding the Tender Offer
should be directed to Barclays Capital at (800) 438-3242
(toll-free) or (212) 528-7581 (collect). This press release
is for informational purposes only. This press release is not
an offer to purchase or a solicitation of an offer to purchase with
respect to any Notes or any other securities. The Tender
Offer was made solely pursuant to the Offer to Purchase and related
documents. The Tender Offer was not made to holders of Notes
in any jurisdiction in which the making or acceptance thereof would
not be in compliance with the securities, blue sky or other laws of
such jurisdiction. In any jurisdiction in which the
securities laws or blue sky laws require the Tender Offer to be
made by a licensed broker or dealer, the Tender Offer was deemed to
be made on behalf of Liberty Media LLC by the Dealer Manager, or
one or more registered brokers or dealers that are licensed under
the laws of such jurisdiction.
About Liberty Media LLC
Liberty Media LLC is a wholly-owned subsidiary of Liberty Media
Corporation, owning interests in a broad range of electronic
retailing, media, communications, and entertainment businesses.
Certain statements in this press release may constitute
"forward-looking statements." Such forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or
achievements of Liberty Media LLC and its subsidiaries to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
risks, uncertainties and other factors include the risks and
factors described in the publicly filed documents of Liberty Media
Corporation, the parent of Liberty Media LLC, including its most
recently filed Annual Report on Form 10-K and Quarterly Report on
Form 10-Q. These forward-looking statements speak only as of
the date of this press release. Liberty Media LLC expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in Liberty Media LLC's expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Contact:
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Courtnee
Ulrich
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Liberty Media
LLC
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(720)
875-5420
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SOURCE Liberty Media LLC