Liberty Media Launches Process to Increase Formula 1 Term Loan and Revolver Capacity
July 17 2017 - 7:35AM
Business Wire
Liberty Media Corporation ("Liberty") (Nasdaq: LSXMA, LSXMB,
LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it intends
to launch a process to syndicate an up to $200 million add-on to
the $3,102 million USD term loan under the syndicated first lien
facilities agreement executed by certain subsidiaries of Delta
Topco Limited, the Liberty subsidiary which holds all of its
interests in Formula 1. In addition, Liberty intends to seek
amendments to the first lien facilities agreement to, among other
things, increase the revolving facility capacity to up to $500
million. The term loan and revolving facility will remain
non-recourse to Liberty. Liberty intends to cause the Delta Topco
subsidiaries to use the proceeds of the term loan add-on together
with cash on hand to repay the balance of the $300 million second
lien facility to which the subsidiaries of Delta Topco are party.
Delta Topco and its subsidiaries, together with the debt described
herein, are attributed to the Formula One Group.
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 amendments
to the first lien facilities agreement, the repayment of $300
million of the term loan under the second 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, including, without
limitation, general market conditions. These forward-looking
statements speak only as of the date of this press release, and
Liberty 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'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, including
its most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q, for risks and uncertainties related to Liberty'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 2017 FIA Formula
One World Championship™ runs from March to November and spans 20
races in 20 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™.
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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