Liberty Media Launches Process to Refinance Portion of Formula 1 Debt
February 13 2017 - 7:00AM
Business Wire
Liberty Media Corporation ("Liberty Media") (Nasdaq: LSXMA,
LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it
intends to launch a process to refinance its $3,145 million term
loan under the syndicated first lien facilities agreement executed
by certain subsidiaries of Delta Topco Limited, the Liberty Media
subsidiary which holds all of its interests in Formula 1, the
iconic global motorsports business. The contemplated transaction
will be net leverage neutral and the refinanced term loan will
remain non-recourse to Liberty Media. Concurrent with the
financing, the relevant subsidiaries of Delta Topco Limited intend
to repay up to $300 million of the term loan under the first lien
facilities agreement using excess cash on the balance sheet.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements relating to the proposed refinancing
of certain subsidiary debt of Delta Topco, the repayment of up to
$300 million of the term loan under the first lien facilities
agreement and other matters that are not historical facts. These
forward-looking statements involve many risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements. These forward looking
statements speak only as of the date of this press release, and
Liberty Media 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's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Please refer to the publicly filed documents of Liberty Media,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, for risks and uncertainties related to
Liberty Media's business which may affect the statements made in
this press release.
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 three tracking stock groups: the
Liberty SiriusXM Group, the Braves Group and the Formula One Group.
The businesses and assets attributed to the Liberty SiriusXM Group
(Nasdaq: LSXMA, LSXMB, LSXMK) include Liberty Media's interest in
SiriusXM. The businesses and assets attributed to the Braves Group
(Nasdaq: BATRA, BATRK) include Liberty Media's subsidiary Braves
Holdings, LLC. The businesses and assets attributed to the Formula
One Group (Nasdaq: FWONA, FWONK) consist of all of Liberty Media’s
businesses and assets other than those attributed to the Liberty
SiriusXM Group and the Braves Group, including Formula 1, Liberty
Media’s interest in Live Nation Entertainment, and minority equity
investments in Time Warner Inc. and Viacom.
About Formula 1
Formula 1®, which began in 1950, is the world's most prestigious
motor racing competition and is the world's most popular annual
sporting series. In 2016 it was watched by 400 million unique
television viewers from over 200 territories. The 2016 FIA Formula
One World Championship(TM) ran from March to November and spanned
21 races in 21 countries across five continents. Formula One World
Championship Limited is part of Formula 1, and holds the exclusive
commercial rights to the FIA Formula One World
Championship(TM).
Formula 1 is a subsidiary of Liberty Media Corporation (NASDAQ:
LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) attributed to the
Formula One Group tracking stock.
For more information on Formula 1® visit www.formula1.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170213005341/en/
Liberty Media CorporationCourtnee Chun, 720-875-5420
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