Liberty Media announces change in attribution of three exchangeables series, Live Nation stake

By Jennifer Chiou

New York, Feb. 25 - Liberty Media Corp. announced that its board of directors approved the following changes in attribution:

• Three series of its exchangeable senior debentures to the Liberty Interactive tracking stock group from the Liberty Capital tracking stock group; and

• The 14.6% stake in Live Nation Entertainment, Inc. to Liberty Capital from Liberty Interactive.

The debentures were issued by Liberty Media, LLC, a subsidiary of Liberty, and they include:

• $469 million of 4% exchangeable senior debentures due 2029;

• $460 million of 3.75% exchangeable senior debentures due 2030; and

• $491.7 million of 3.5% exchangeable senior debentures due 2031.

The change in attribution also affects $830.2 million in net taxable income from Liberty Capital to Liberty Interactive to be recognized ratably in tax years 2014 through 2018 as a result of the cancellation in April 2009 of $400 million in face amount of 4% exchangeables and $350 million of 3.75% exchangeables.

Lastly, there was approval for the change in attribution from Liberty Capital to Liberty Interactive of $807 million in cash.

Gregory B. Maffei, Liberty president and chief executive officer, said: "The amount of cash reattributed to the Liberty Interactive group is sufficient to pay the 2013 debt maturities attributed to Liberty Interactive in full."

Liberty Media is an intermediate holding company of Liberty Media Corp., which is a holding company based in Englewood, Colo., that owns interests in electronic retailing, media, communications and entertainment businesses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.