Liberty Media Announces Adjustment to the Conversion Rate of its 1.375% Cash Convertible Senior Notes Due 2023
02 8월 2023 - 7:45AM
Business Wire
Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA,
FWONK) (“Liberty”) today announced an adjustment to the conversion
rate of its 1.375% Cash Convertible Senior Notes due 2023 (the
“Cash Convertible Notes”). The new conversion rate is 23.1586
Securities Baskets per $1,000 principal amount of Cash Convertible
Notes, up from the previous conversion rate of 21.0859 Securities
Baskets per $1,000 principal amount of Cash Convertible Notes.
Liberty is adjusting the conversion rate due to the completion of
the previously-announced redemption (the “Redemptive Split-Off”) of
each outstanding share of Liberty Braves Common Stock in exchange
for one share of the corresponding series of common stock of
Atlanta Braves Holdings, Inc. The Braves Component (as defined in
the Indenture, dated as of October 17, 2013, between Liberty and
U.S. Bank Trust Company, National Association (as successor to U.S.
Bank National Association), as trustee (as amended and supplemented
by the Supplemental Indenture, dated as of April 15, 2016, the
“Indenture”)) of the underlying Securities Basket to the Cash
Convertible Notes consisted of Series A Liberty Braves Common Stock
prior to the Redemptive Split-Off. Following the Redemptive
Split-off and subsequent conversion rate adjustment, the underlying
Securities Basket to the Cash Convertible Notes does not include
shares of common stock of Atlanta Braves Holdings, Inc. The
Redemptive Split-Off was effective as of 5:00 p.m., New York City
time, on July 18, 2023.
The adjustment to the conversion rate was made pursuant to
Section 12.04(f) of the Indenture. In accordance with Section
12.04(f) of the Indenture, the adjustment to the conversion rate
for the Cash Convertible Notes due to the Redemptive Split-Off
became effective as of the open of business on July 18, 2023.
Further adjustments to the Securities Basket will be needed
following the completion of the Reclassification scheduled to occur
on August 3, 2023.
About Liberty Media Corporation
Liberty Media Corporation operates and owns interests in a broad
range of media, communications and entertainment businesses. Those
businesses are attributed to two tracking stock groups: the Liberty
SiriusXM Group and the Formula One Group. The businesses and assets
attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB,
LSXMK) include Liberty Media Corporation’s interests in SiriusXM
and Live Nation Entertainment. The businesses and assets attributed
to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of
Liberty Media Corporation’s businesses and assets other than those
attributed to the Liberty SiriusXM Group, including its subsidiary
Formula 1 and other minority investments.
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Liberty Media Corporation Shane Kleinstein,
720-875-5432
Liberty Media (NASDAQ:LSXMA)
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