Liberty Media’s exchangeable notes may be refinanced in Sirius merger

Chicago, Dec. 12 – Liberty Media Corp.’s 2.75% exchangeable notes due 2049 that list Sirius XM Holdings Inc. as the underlying stock may be refinanced with a portion of the $1.1 billion in potential financing provided for the combination of Liberty Media Corp.’s Liberty SiriusXM tracking stock group and SiriusXM to create a new public company, according to a press release.

The new split-off subsidiary of Liberty will hold shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities.

The liabilities include the 3.75% Liberty SiriusXM convertible notes due 2028, the 2.75% exchangeable bonds due 2049 and the SiriusXM margin loan, net of corporate cash.

Closing is expected early in the third quarter of 2024, subject to Liberty SiriusXM stockholder approval and regulatory approvals.

SiriusXM is a New York-based audio entertainment company. Liberty is an Englewood, Colo.-based owner of media, communications and entertainment businesses. The combined company will continue to operate under the SiriusXM name and brand.

Sara Rosenberg contributed to this story.

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