Liberty Media raises $600 mln via convertible notes due 2032
Proceeds to fund general corporate purposes including potential acquisitions or debt refinancing. Notes convertible into Liberty Media shares at a premium.
Liberty Media Corporation said on Monday it has priced $600 million in convertible senior notes due 2032.
The notes, which carry a coupon of 1.50%, will be convertible into shares of Liberty Media common stock at a conversion premium of 35% over the reference price, the company said in a statement. The notes will mature on March 15, 2032, unless earlier repurchased or converted.
Proceeds from the offering will be used for general corporate purposes, including potential acquisitions, investments, or the repayment of outstanding debt, Liberty Media said. The company did not specify the exact allocation of funds.
The convertible notes were priced at 99.5% of par, according to the statement. The offering is expected to close on March 20, subject to customary closing conditions.
Liberty Media, which owns interests in businesses such as SiriusXM, the Atlanta Braves, and Formula 1, has expanded its portfolio through strategic acquisitions in recent years. The company has not disclosed the final use of proceeds beyond general corporate purposes.
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