Liberty Media plans $600M convertible senior notes offering

Liberty Media Corporation (Nasdaq: FWONA, FWONK) announced it intends to offer $600 million in aggregate principal amount of convertible senior notes in a private placement to qualified institutional buyers.

The company also plans to grant initial purchasers an option to buy up to an additional $90 million in principal amount of notes, exercisable within 13 days of the initial issuance date.

The notes will be convertible into cash, shares of Liberty Media's Series C common stock (FWONK), or a combination of both, at the company's election. The notes will be senior, unsecured obligations with interest payable semi-annually. The interest rate, initial conversion rate, and other terms will be set at the time of pricing.

Liberty Media said it expects to use the net proceeds to enter into capped call transactions related to its existing 2.25% Convertible Senior Notes due 2027, and for working capital, general corporate purposes, and repayment of those 2027 notes.

The notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers under Rule 144A. Liberty Media owns interests in Formula 1, MotoGP, and other media and entertainment businesses.

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