Liberty Media Announces Closing of Increase to Formula 1 First Lien Term Loan and Intended Repayment of Second Lien Term Loan
August 03 2017 - 8:45AM
Business Wire
Liberty Media Corporation ("Liberty") (Nasdaq: LSXMA, LSXMB,
LSXMK, BATRA, BATRK, FWONA, FWONK) announced today the closing of
the previously announced $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.
The $200 million add-on is on the same terms as the existing USD
term loan and will have a margin of 3.25%, with the potential for a
further reduction to 3.00% after 2 September 2017 if certain credit
rating requirements are met (which requirements are currently met).
The term loan remains non-recourse to Liberty. The proceeds of the
term loan add-on, together with cash on hand, are intended to be
applied today, following completion of the relevant transfers and
funding of the term loan add-on, to repay the balance of the $300
million second lien facility to which the subsidiaries of Delta
Topco are party. Following the repayment of the second lien
facility, the maturity of the USD term loan under the first lien
facilities agreement will be extended to February 2024. 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 potential reduction
in margin, the repayment of $300 million of the term loan under the
second lien facilities agreement, the maturity extension of the USD
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, 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
Report 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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version on businesswire.com: http://www.businesswire.com/news/home/20170803005612/en/
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