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Liberty Media Prices Private Offering of $444,614,000 of 2.25% Exchangeable Senior Debentures due 2046


Liberty Media Corporation (“Liberty”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) announced today that it has priced and agreed to sell to initial purchasers in a private offering $444,614,000 aggregate principal amount of its 2.25% exchangeable senior debentures due 2046 (the “debentures”).

Upon an exchange of debentures, Liberty, at its option, may deliver Time Warner Inc. (“Time Warner”) common stock, cash or a combination of Time Warner common stock and cash. The number of shares of Time Warner common stock attributable to a debenture represents an initial exchange price of approximately $104.55 per share. A total of approximately 4.25 million shares of Time Warner common stock are attributable to the debentures. Interest will be payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2016. The debentures may be redeemed by Liberty, in whole or in part, on or after October 5, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on October 5, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest.

The offering is expected to close on August 17, 2016, subject to satisfaction of customary closing...