Trending...
- San Antonio Board of REALTORS® Among First to Use Passkey Login with Solid Earth's SSO Dashboard - 158
- Alpha Modus Files 7th IP Action Against Rackspace Following $3M CEO Investment and Strategic Partnership Expansion
- Ascent Solar Technologies Enters Collaborative Agreement Notice with NASA to Advance Development of Thin-Film PV Power Beaming Capabilities: ASTI
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today announced the payment of a quarterly interest payment to the holders as of December 15, 2020 of its 2.25% Exchangeable Senior Debentures due 2046 (the "Debentures"). The amount of the quarterly interest payment is $5.625 per $1,000 original principal amount of Debentures. As of December 31, 2020, the aggregate adjusted principal amount outstanding is approximately $203 million, after giving effect to today's quarterly interest payment.
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 2.25% 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.
More on Colorado Desk
To date, Liberty has made one Extraordinary Additional Distribution to holders of the Debentures. On June 22, 2018, Liberty made an Extraordinary Additional Distribution of $514.1295 per $1,000 original principal amount of Debentures (a "Debenture"), which was attributable to the cash consideration of $53.75 per share paid to former holders of common stock of Time Warner Inc. ("TWX") on June 15, 2018 in connection with AT&T Inc.'s ("AT&T") acquisition of TWX ("AT&T/TWX Acquisition").
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 2.25% 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:
Liberty also announced the payment today, to holders of the Debentures as of December 15, 2020, of an excess regular cash dividend amount distribution of $3.2975 per Debenture, which is attributable to the regular quarterly dividends paid by AT&T of $0.52 on November 2, 2020. Payments of additional distributions attributable to regular cash dividends do not result in a reduction to the principal amount of the Debentures.
As a result of the AT&T/TWX Acquisition, the reference shares attributable to each $1,000 original principal of Debentures consist of 13.7452 shares of common stock of AT&T (NYSE: T).
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 Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation's interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation's subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation's businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and minority equity investment in AT&T Inc.
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 2.25% 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.
More on Colorado Desk
- Michael Reafsnyder opens solo exhibition at Scott Richards Contemporary Art in San Francisco
- Colorado: Gov. Polis Urges House to End the Madness and Do Right by Coloradans by Starting Over on Federal Bill
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
To date, Liberty has made one Extraordinary Additional Distribution to holders of the Debentures. On June 22, 2018, Liberty made an Extraordinary Additional Distribution of $514.1295 per $1,000 original principal amount of Debentures (a "Debenture"), which was attributable to the cash consideration of $53.75 per share paid to former holders of common stock of Time Warner Inc. ("TWX") on June 15, 2018 in connection with AT&T Inc.'s ("AT&T") acquisition of TWX ("AT&T/TWX Acquisition").
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 2.25% 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:
December 31, 2020 Beginning Adjusted Principal | Payment | Interest | Payment of Principal | December 31, 2020 Ending Adjusted Principal |
More on Colorado Desk
$459.2493 | $5.625 | $2.5833 | $3.0417 | $456.2076 |
Liberty also announced the payment today, to holders of the Debentures as of December 15, 2020, of an excess regular cash dividend amount distribution of $3.2975 per Debenture, which is attributable to the regular quarterly dividends paid by AT&T of $0.52 on November 2, 2020. Payments of additional distributions attributable to regular cash dividends do not result in a reduction to the principal amount of the Debentures.
As a result of the AT&T/TWX Acquisition, the reference shares attributable to each $1,000 original principal of Debentures consist of 13.7452 shares of common stock of AT&T (NYSE: T).
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 Braves Group and the Formula One Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation's interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include Liberty Media Corporation's subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of Liberty Media Corporation's businesses and assets other than those attributed to the Liberty SiriusXM Group and the Braves Group, including its subsidiary Formula 1 and minority equity investment in AT&T Inc.
Filed Under: Business
0 Comments
Latest on Colorado Desk
- Spartan & Guardians Partner with Guitar Legend Buckethead to Support Global Child Rescue Efforts
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles
- Winners Announced for Asia Pacific Business Awards 2024-2025
- Hamvay-Lang and Lampone.hu Join Forces with AIMarketingugynokseg.hu to Elevate Hungarian Lifestyle Brands on the Global Stage
- Google AI Quietly Corrects the Record on Republic of Aquitaine's Legal Sovereignty
- NYC Leadership Strategist Stacie Selise Launches Groundbreaking 4S Framework Series to Redefine Executive Excellence
- Colorado: Governor Polis Appoints Rory N. Devlin to the Elbert County Court in the 23rd Judicial District
- Governor Polis, Office of Economic Development and International Trade Celebrate Sale of EVRAZ North America including Rocky Mountain Steel in Pueblo, Welcomes Atlas Holdings to Colorado
- Colorado: Delivering Passenger Rail: Governor Polis Celebrates Major Step Towards Delivering Northern Front Range Passenger Rail
- Make Innovation Matter: Support H.R.1's R&D Expensing Relief for American Small Businesses
- Colorado Springs: Mayor certifies 2025 Special Election results
- Technologist Jay Harris Delivers Keynote for DenverDevDay
- Agreement to Supply US-Based Defense Provider with Thin-Film Solar Tech for Orbital Application; Ascent Solar Technologies, Inc. (N A S D A Q: ASTI)
- Jones Law Firm, PC Refreshes Denver Child Support Services Page to Better Serve Colorado Families
- Colorado: Governor Polis: U.S. Supreme Court Makes it More Difficult to Protect Constitutional Rights, Creates Chaos
- Colorado: Governor Polis, Hospital Leaders, Health Care Advocates: Devastating Cuts Should Be Removed From Federal Budget Bill
- Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits
- Stonebridge and Stout NYC Hospitality Group Introduce New Era for The MC Hotel, Autograph Collection in Montclair, NJ
- databahn Launches GenAI Sales Intelligence Platform to Revolutionize Fortune 500 and Global 2000 Account Research