Liberty Media Corp. on Jan. 23 completed the sale of its previously announced $450 million private debt offering to initial purchasers.

The offering included $400 million of 1.0% cash convertible senior notes due 2023, with the initial purchasers exercising an option to purchase additional notes of up to $50 million.

Liberty Media used part of the offering's net proceeds to increase the cash consideration payable to the selling shareholders of its just-acquired motorsports business Formula 1 by $400 million. The remaining amount will be attributed as cash to the Liberty Media Group's balance sheet. About 19 million LMCK shares, which were supposed to be issued to the selling shareholders for $21.26 per share, were held in treasury.

While the total number of Liberty Media shares issued at the F1 deal's completion did not change, the allocation of the shares changed as follows: About 56 million to the selling shareholders, about 62 million to the third-party investors and about 19 million into treasury.

The shares will be retired if they are not issued to the F1 teams within six months from deal closing.