Liberty Broadband greenshoe exercised in full, lifts exchangeable debentures to $575 million

By Taylor Fox

New York, Aug. 27 – Initial purchasers of Liberty Broadband Corp.’s 2.75% senior debentures due 2050 exchangeable for Charter Communications, Inc. common stock exercised their $75 million greenshoe in full, bringing the total deal size to $575 million, according to a news release.

The notes are contingently convertible until Oct. 5, 2023.

Upon the exchange, Liberty Broadband may deliver shares of charter class A common stock or, the value in cash or a combination of shares of charter class A common stock and cash.

Initially, 1.1661 shares of charter class A common stock are attributable to each $1,000 original principal amount of debentures, representing an initial exchange price of $857.56 for each share of Charter class A common stock.

Liberty Broadband intends to use the proceeds of the offering for general corporate purposes, which may include the repurchase of shares of Liberty Broadband common stock.

Englewood, Colo.-based Liberty Broadband has ownership of TruePosition, Inc., which develops and markets technology for locating wireless phones on a cellular network, and holds an interest in Charter Communications, Inc. and a minority equity investment in Time Warner Cable, Inc.

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