Liberty Media lifts conversion rate for 1.375% notes after spinoff

By Susanna Moon

Chicago, Nov. 19 – Liberty Media Corp. said it adjusted the conversion rate for its 1.375% cash convertible senior notes due 2023 after the spinoff of subsidiary Liberty Broadband Corp. on Nov. 4.

The new conversion rate is 21.0859 shares of Liberty’s series A common stock per $1,000 principal amount of convertibles, up from the previous conversion rate of 15.7760 shares, according to a company news release.

Liberty said it is adjusting the conversion rate due to the completion of the distribution, as a dividend, of all of the common stock of Liberty Broadband to holders of Liberty’s series A common stock, series B common stock and series C common stock to holders as of 5 p.m. ET on Oct. 29.

Liberty previously said it would distribute one-fourth of a share of Liberty Broadband series A, series B and series C common stock for each share of the corresponding series of Liberty common stock held as of 5 p.m. ET on Nov. 19.

Englewood, Colo.-based Liberty Media owns interests in electronic retailing, media, communications and entertainment businesses.

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