Liberty Media Corporation Announces Quarterly Interest Payment and Excess Regular Additional Distribution on 2.75% Exchangeable Senior Debentures Due 2049
September 03 2024 - 3:15PM
Business Wire
Liberty Media Corporation (“Liberty”) (NASDAQ: LSXMA, LSXMB,
LSXMK, FWONA, FWONK, LLYVA, LLYVK) today announced the payment of a
quarterly interest payment and an Excess Regular Additional
Distribution to the holders as of August 15, 2024 of its 2.75%
Exchangeable Senior Debentures due 2049 (the “Debentures”). The
amount of the quarterly interest payment is $6.8750 per $1,000
original principal amount of Debentures, and the amount of the
Excess Regular Additional Distribution is $1.5419 per $1,000
original principal amount of Debentures. As of September 3, 2024,
the aggregate adjusted principal amount outstanding is
approximately $585 million, after giving effect to today’s
quarterly interest payment. Capitalized terms used but not defined
herein have the meaning given to them in the Indenture for the
Debentures.
Under the Indenture for 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 2.75% of the
adjusted principal amount. This latter adjustment, to the extent it
is made by reason of a particular Extraordinary Additional
Distribution that results in a reduction to the principal amount of
the Debentures, takes effect on the second succeeding interest
payment date after the payment of that Extraordinary Additional
Distribution.
To date, Liberty has made one Extraordinary Additional
Distribution to holders of the Debentures. As previously announced,
on March 4, 2022, Liberty made an Extraordinary Additional
Distribution of $29.0057 per $1,000 original principal amount of
Debentures, which was attributable to the special cash dividend
paid on February 25, 2022 by Sirius XM Holdings Inc. (“SIRI”) to
holders of its common stock of record as of the close of business
on February 11, 2022.
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 2.75% per annum of the original principal amount of the
Debentures. Below is a detail of the amount of the quarterly
interest payment being made on the Debentures, its allocation
between payment of interest and repayment of principal and the
revised adjusted principal amount of the Debentures resulting from
such payment, per $1,000 original principal amount of the
Debentures:
September 3, 2024 Beginning
Adjusted Principal
Payment
Interest
Payment of Principal
September 3, 2024 Ending Adjusted
Principal
$969.3599
$6.8750
$6.6643
$0.2107
$969.1492
Liberty is also making an Excess Regular Additional Distribution
to holders of the Debentures as of August 15, 2024 of $1.5419 per
Debenture, which is attributable to the regular quarterly dividend
paid by SIRI of $0.0266 per share on May 29, 2024. The payment of
the Excess Regular Additional Distribution will not result in a
reduction to the adjusted principal amount of the Debentures.
The quarterly interest payment and Excess Regular Additional
Distribution are expected to be made on September 3, 2024 to
holders of record of the Debentures as of August 15, 2024.
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 Formula One Group and the Liberty Live
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
Formula One Group (NASDAQ: FWONA, FWONK) include Liberty Media's
subsidiaries Formula 1 and Quint, as well as other minority
investments. The businesses and assets attributed to the Liberty
Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media's interest
in Live Nation and other minority investments.
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version on businesswire.com: https://www.businesswire.com/news/home/20240826369204/en/
Shane Kleinstein 720-875-5432
Liberty Media (NASDAQ:FWONK)
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