Liberty Media tightens talk on $600 million 30-year exchangeables to 0.25%-0.75%, up 40%

By Abigail W. Adams

Portland, Me., Nov. 9 – Liberty Media Corp. tightened talk on its planned offering of $600 million 30-year notes exchangeable for Live Nation Entertainment Inc.’s common stock, which are slated to price after the market close on Monday, to a coupon of 0.25% to 0.75% and an initial conversion premium of 40%, according to a market source.

Initial price talk was for a coupon of 0.5% to 1% and an initial exchange premium of 37.5% to 42.5%, according to a market source.

Citigroup Global Markets Inc. (lead left), Mizuho Securities USA Inc. and UBS Securities LLC are active bookrunners for the Rule 144A offering, which carries a greenshoe of $90 million.

The notes are non-callable for 3.75 years.

They are putable on Sept. 1, 2024.

Proceeds will be used for general corporate purposes, which may include the repayment of debt, including Liberty Media’s 2.25% exchangeable notes due 2048, or to settle the call spread between Formula One Group and Liberty Sirius XM group related to 34.8 million shares, according to a company news release.

Liberty Media is an Englewood, Colo.-based media company.

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