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Liberty Media closes $400M private offering

Liberty Media Corp. closed a $400 million private offering of its 2.125% exchangeable senior debentures due 2048.

Upon an exchange of debentures, the company, at its option, may deliver shares of Sirius XM Holdings Inc. common stock, the value thereof in cash or shares of the company's series C Liberty SiriusXM common stock or any combination of shares of SiriusXM common stock, cash and/or the series C shares.

Initially, 124.6922 shares of Sirius XM common stock are attributable to each $1,000 original principal amount of debentures, representing an initial exchange price of about $8.02 for each share of Sirius XM common stock, the company said March 6. A total of 49,876,880 shares of Sirius XM common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, Sept. 30 and Dec. 31 of each year, commencing June 30.

The debentures may be redeemed by the company, in whole or in part, on or after April 7, 2023. Holders of the debentures also have the right to require the company to buy their debentures on April 7, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution.

The company expects to use the net proceeds to repurchase shares of Liberty SiriusXM common stock, to make possible acquisitions and investments, and for other general corporate purposes, including to pay interest on the debentures.