Liberty Media prices $600M convertible notes offering due 2032

Liberty Media Corporation (Nasdaq: FWONA, FWONK) priced a private offering of $600 million in aggregate principal amount of 2.375% convertible senior notes due 2032, according to a company statement.

The notes will be convertible into shares of Liberty Media's Series C common stock (FWONK) at an initial conversion rate of 7.2106 shares per $1,000 principal amount, representing an initial conversion price of approximately $138.68 per share. That price reflects a conversion premium of approximately 35% to the last reported sale price of $102.73 per share on the Nasdaq Global Select Market on Aug. 10, 2026.

Liberty Media has also granted initial purchasers an option to buy up to an additional $90 million in principal amount of the notes within 13 days of issuance. The offering is expected to close Aug. 13, 2026, generating approximately $591 million in net proceeds after discounts, commissions, and estimated expenses, assuming no exercise of the overallotment option.

The notes mature on Aug. 15, 2032, unless earlier redeemed, repurchased, or converted. Interest is payable semi-annually on Feb. 15 and Aug. 15 each year, beginning Feb. 15, 2027. Liberty Media may redeem the notes on or after Aug. 20, 2029, under certain conditions.

Liberty Media said it expects to use net proceeds to pay costs related to capped call transactions connected to its existing 2.25% convertible senior notes due 2027, and for working capital, general corporate purposes, and repayment of those 2027 notes.

Concurrently with the pricing, Liberty Media entered into capped call transactions with certain financial institutions intended to offset potential cash payments above the principal amount of the 2027 notes upon conversion, or to reduce potential dilution to FWONK shares.

The notes were offered solely to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and are not registered under federal or state securities laws.

You May Also Be Interested In

• NVIDIA to acquire Hugging Face for $12.93 billion
• Planet Labs signs 7-figure deal with European defense customer
• Globant launches MuleSoft AI Pod for enterprise API integration