Liberty Media LLC Announces Final Results of Tender Offer for 8-1/2% Senior Debentures Due 2029 and 8-1/4% Senior Debentures Due
04 12월 2008 - 10:30PM
PR Newswire (US)
ENGLEWOOD, Colo., Dec. 4 /PRNewswire-FirstCall/ -- Liberty Media
LLC ("Liberty"), a subsidiary of Liberty Media Corporation
(NASDAQ:LINTANASDAQ:LMDIANASDAQ: LCAPA), today announced the
expiration of its previously announced cash tender offer for its
8-1/2% Senior Debentures due 2029 (the "8-1/2% Debentures") and
8-1/4% Senior Debentures due 2030 (the "8-1/4% Debentures" and,
together with the 8-1/2% Debentures, the "Debentures"). The tender
offer expired at 5:00 p.m., New York City time, on December 3, 2008
(the "Expiration Date"). On November 3, 2008, Liberty commenced a
tender offer for the maximum aggregate principal amount of
Debentures it could purchase for $285 million at a purchase price
per $1,000 principal amount determined in accordance with the
procedures of a modified "Dutch Auction." The Debentures are
attributable to the Liberty Interactive tracking stock group. Based
on the final tabulation by Global Bondholder Services Corporation
("GBSC"), the depositary for the tender offer, the total
consideration payable under the tender offer per $1,000 principal
amount of Debentures of each series is $587.50. The total
consideration was determined based on a formula consisting of a
"base price" of $550.00 per $1,000 principal amount of Debentures
plus a "clearing premium" of $37.50. The clearing premium was
determined based on the "bid price," or minimum consideration that
each holder that tendered into the tender offer was willing to
receive for its Debentures. The total consideration per $1,000
principal amount of Debentures includes an "early participation
payment" of $10.00 per $1,000 principal amount of Debentures, and
only those Debentures that Liberty purchases that were validly
tendered and not withdrawn at or below the total consideration
price on or prior to 5:00 p.m., New York City time, on November 17,
2008, are entitled to the early participation payment. Based on the
final tabulation by GBSC, the tender offer was oversubscribed, with
Liberty receiving valid tenders from holders of approximately
$242.2 million aggregate principal amount of 8-1/2% Debentures and
approximately $390.9 million aggregate principal amount of 8-1/4%
Debentures. Because the aggregate amount of Debentures validly
tendered and not withdrawn as of the Expiration Date at the
clearing premium would have caused Liberty to spend more than $285
million to purchase such Debentures, Liberty has accepted
Debentures validly tendered in the tender offer on a prorated basis
as follows. First, Liberty has accepted for purchase all Debentures
validly tendered (and not withdrawn) with a bid price that resulted
in a "bid premium" (the amount by which the bid price exceeded the
base price) below the clearing premium, and thereafter, Debentures
validly tendered (and not withdrawn) with a bid price that resulted
in a bid premium at the clearing premium on a prorated basis based
on a proration factor of 70.3% per $1,000 principal amount. Liberty
has accepted for purchase approximately $175.8 million aggregate
principal amount of 8-1/2% Debentures and approximately $309.4
million aggregate principal amount of 8-1/4% Debentures. All
Debentures purchased in the tender offer will be retired. All
Debentures tendered but not purchased, including Debentures not
purchased because of proration, will be returned promptly to the
holders at Liberty's expense and will remain outstanding. Payment,
including accrued and unpaid interest to, but not including, the
date the Debentures are purchased, on all Debentures tendered and
accepted for payment in the tender offer, will be made promptly for
all accepted tenders. Liberty retained Citi and Deutsche Bank
Securities to serve as dealer managers for the tender offer, and
GBSC to serve as the depositary and information agent. Questions
regarding the tender offer may be directed to Citi at (800)
558-3745 (toll free) or (212) 723-6106 (collect) or to Deutsche
Bank Securities at (866) 627-0391 (toll free) or (212) 250-2955
(collect). About Liberty Media LLC Liberty Media LLC is an
intermediate holding company 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 LLC, including its most recently
filed Annual Report on Form 10-K and Quarterly Reports 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. DATASOURCE: Liberty Media LLC CONTACT: Courtnee
Ulrich of Liberty Media LLC, +1-720-875-5420 Web Site:
http://www.libertymedia.com/
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