Liberty Media Corp. announces payment of Extraordinary Additional Distribution & adjusted composition of Reference Shares und...
June 19 2018 - 5:15PM
Business Wire
Liberty Media Corporation ("Liberty Media" or "Liberty")
(NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA,
BATRK) announces an Extraordinary Additional Distribution to
the holders of its 2.25% Exchangeable Senior Debentures due 2046
(the "Debentures"). The amount of the Extraordinary Additional
Distribution is $514.1295 per $1,000 original principal amount of
Debentures (a “Debenture”), which is attributable to the cash
consideration of $53.75 per share paid to former holders of common
stock of Time Warner Inc. (“TWX”) on June 15, 2018 in connection
with AT&T Inc.’s (“AT&T”) acquisition of TWX (“AT&T/TWX
Acquisition”). As of March 30, 2018, the aggregate principal amount
of Debentures outstanding was approximately $445 million. After
giving effect to the Extraordinary Additional Distribution, the
aggregate adjusted principal amount of Debentures outstanding will
be approximately $216 million.
Liberty expects to pay the Extraordinary Additional Distribution
on June 22, 2018, to holders of record of the Debentures on June
14, 2018. Under the indenture governing the Debentures, the
original principal amount of the Debentures is reduced in an amount
equal to each Extraordinary Additional Distribution that is made to
holders of the Debentures. Thereafter, the adjusted principal
amount is further reduced on each successive quarterly interest
payment date to the extent necessary to cause the quarterly
interest payment to represent the payment of an annualized yield of
2.25% of the adjusted principal amount. This latter adjustment will
take effect on September 30, 2018, the second succeeding interest
payment date after the payment of the Extraordinary Additional
Distribution. Liberty has not made any Extraordinary Additional
Distributions on the Debentures to date.
Reductions to the principal amount of the Debentures do not
affect the amount of the quarterly interest payments received by
holders of the Debentures, which will continue to be a rate equal
to 2.25% per annum of the original principal amount of the
Debentures.
Below is a detail of the amount of the Extraordinary Additional
Distribution being made on the Debentures as a result of the
AT&T/TWX Acquisition and the revised adjusted principal amount
of the Debentures resulting from such payment, per $1,000 original
principal amount of the Debentures:
June 22, 2018 Beginning
AdjustedPrincipal
Extraordinary AdditionalDistribution per
$1,000original principal amount ofDebentures
June 22, 2018 Ending AdjustedPrincipal
$1,000.0000 $514.1295 $485.8705
Holders of the Debentures will not be entitled to the
Extraordinary Additional Distribution if they transferred or
submitted through DTC a notice of exchange prior to June 14, 2018,
the special record date for payment of the additional
distribution.
As a result of the AT&T/TWX Acquisition, the reference
shares attributable to each $1,000.00 original principal of
Debentures will now consist of 13.7452 shares of common stock of
AT&T Inc. (NYSE: T).
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 Corporation's
interest in SiriusXM. The businesses and assets attributed to the
Braves Group (Nasdaq: BATRA, BATRK) include Liberty Media
Corporation's subsidiary Braves Holdings, LLC. The businesses and
assets attributed to the Formula One Group (Nasdaq: FWONA, FWONK)
consist of all of Liberty Media Corporation's businesses and assets
other than those attributed to the Liberty SiriusXM Group and the
Braves Group, including its subsidiary Formula 1, its interest in
Live Nation Entertainment and minority equity investment in Time
Warner Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20180619006426/en/
Liberty Media CorporationCourtnee Chun, 720-875-5420
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