Financing ·
Liberty Media Corporation priced a private offering of $690 million aggregate principal amount of 2.375% Senior…
FWONALiberty Media Corp
Liberty Media Corporation priced a private offering of $690 million aggregate principal amount of 2.375% Senior Convertible Notes due 2032, including the full exercise of a $90 million over-allotment option. The notes are convertible into Series C common stock (FWONK) at an initial rate of 7.2106 shares per $1,000 principal amount, representing a conversion price of approximately $138.68 and a premium of roughly 35% to the August 10 closing price of $102.73. Net proceeds are expected to be approximately $680 million after deducting discounts and expenses. Concurrently, the company entered into capped call transactions related to its existing 2.25% Convertible Senior Notes due 2027 to offset potential cash payments upon conversion or reduce dilution. Liberty Media intends to use the net proceeds to fund these capped call costs, repay the 2027 notes, and for working capital and general corporate purposes. The company operates in the media, sports, and entertainment industry, owning interests in Formula 1, MotoGP, and other investments.