Liberty Media Announces Closing of Increase to Formula 1 Revolving Credit Facilities
August 03 2017 - 4:30PM
Business Wire
Liberty Media Corporation ("Liberty") (Nasdaq: LSXMA, LSXMB,
LSXMK, BATRA, BATRK, FWONA, FWONK) announced today the closing of
an increased revolving credit facility 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 amount of the new revolving credit
facility is $500 million and will replace the current $75 million
revolving credit facility under the first lien facilities
agreement. The margin is between 2.00% and 2.75% depending on
leverage ratios, amongst other things. The existing $75 million
revolving credit facility is not drawn as of today, and the
increased revolving credit facility takes effect upon cancellation
of the existing revolving credit facility, which is expected to be
completed in three business days. The revolving credit facility
remains non-recourse to Liberty. 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 effectiveness of the
increased revolving credit facility and the cancellation of the
existing revolving credit facility 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 ChampionshipTM 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 ChampionshipTM.
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/20170803006459/en/
Liberty Media CorporationCourtnee Chun, 720-875-5420
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