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Liberty Media Corp Announces Closing Of $1 Billion Of Cash Convertible Senior Notes Due 2023


Thursday, 17 Oct 2013 04:33pm EDT 

Liberty Media Corporation (Liberty Media) announced the closing on October 17, 2013 of a private offering of $1 billion aggregate principal amount of its 1.375% Cash Convertible Senior Notes due 2023 (including $100 million aggregate principal amount of notes pursuant to the initial purchasers' option to purchase additional notes, which was exercised in full on October 11, 2013). In connection with the offering of the notes, Liberty Media has entered into privately negotiated cash convertible note hedge and warrant transactions with counterparties including certain of the initial purchasers (and/or their respective affiliates). Liberty Media intends to use the net proceeds from the notes offering, together with the proceeds from the sale of the warrants, to fund the cash convertible note hedge transactions and to pay down a portion of its outstanding margin loans, with the remaining net proceeds expected to be used for general corporate purposes. The notes will mature on October 15, 2023 and will be convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Liberty Media's Series A common stock. All conversions of the notes will be settled solely in cash, and not through the delivery of any securities. 

Company Quote

48.98
-0.08 -0.16%
18 Sep 2014