Liberty Media 0.75% debentureholders may put back securities March 31

By Jennifer Chiou

New York, Feb. 25 - Liberty Media Corp. said it notified holders that they may put back their $1.75 billion of 0.75% exchangeable senior debentures due 2023 for repurchase at par plus accrued interest to March 30.

The repurchase date is set for March 31, and holders have until March 24 to surrender their securities.

Liberty Media said it has elected to pay cash for any surrendered debentures, noting that it intends to borrow under a financing facility to finance the repurchase.

The debentures are exchangeable at the option of the holders for the value of the underlying reference shares, which are currently shares of Time Warner common stock, at a rate of 57.4079 shares per $1,000 principal amount.

Liberty Media added that it may consider undertaking measures to induce holders to not surrender their debentures for repurchase and may do so by March 20.

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

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