Convertibles Calendar: Square, Liberty Media on tap

Nov. 9

LIBERTY MEDIA CORP.:

• $600 million 30-year notes exchangeable for Live Nation Entertainment Inc.’s common stock

• Greenshoe of $90 million

• Revised talk for a coupon of 0.25% to 0.75% and initial exchange premium of 40%; initial talk for a coupon of 0.5% to 1% and initial exchange premium of 37.5% to 42.5%

• Rule 144A

• Citigroup Global Markets Inc. (lead left), Mizuho Securities USA Inc. and UBS Securities LLC

• Non-callable for 3.75 years

• Putable on Sept. 1, 2024

• Proceeds to repay debt including Liberty Media’s 2.25% exchangeable notes due 2048, to settle the call spread between Formula One Group and Liberty Sirius XM, and for general corporate purposes

• Englewood, Colo.-based media company

SQUARE INC.:

• $500 million tranche of convertible notes due May 1, 2026; $500 million tranche of seven-year convertible notes

• Greenshoe of $75 million on each tranche

• Revised talk for 2026 notes for a fixed coupon of 0% and initial conversion premium of 60% to 65%; initial talk for a coupon of 0% to 0.25% and initial conversion premium of 55% to 60%

• Revised talk for 2027 notes for a fixed coupon of 0.25% and initial conversion premium of 60% to 65%; initial talk for a coupon of 0.25% to 0.75% and initial conversion premium of 55% to 60%

• Rule 144A

• Goldman Sachs & Co. LLC

• Non-callable until Nov. 5, 2023 and then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread and for general corporate purposes

• San Francisco-based financial technology company

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