8-KRegulation FDExhibits & Filings

Liberty Media Corp 8-K Report, Regulation FD Disclosure (Jun 21, 2018)

Filed June 21, 2018For Securities:FWONKFWONAFWONB

Summary

Liberty Media Corporation (FWONK) announced an Extraordinary Additional Distribution to holders of its 2.25% Exchangeable Senior Debentures due 2046. This distribution totals $514.1295 per $1,000 original principal amount of debentures and is a direct result of the cash consideration received by former Time Warner Inc. (TWX) stockholders in AT&T Inc.'s acquisition of TWX. The distribution is expected to be paid on June 22, 2018, to debenture holders of record as of June 14, 2018. This event significantly reduces the outstanding principal amount of the Debentures. With approximately $445 million outstanding as of March 30, 2018, the aggregate adjusted principal amount will decrease to approximately $216 million after the distribution. This substantial reduction in debt obligations could impact the company's financial structure and future leverage.

Key Highlights

  • 1Extraordinary Additional Distribution declared for 2.25% Exchangeable Senior Debentures due 2046.
  • 2Distribution amount is $514.1295 per $1,000 original principal amount.
  • 3Distribution is linked to the cash component of AT&T's acquisition of Time Warner Inc. (TWX).
  • 4Payment date for the distribution is June 22, 2018.
  • 5Record date for the distribution is June 14, 2018.
  • 6Outstanding principal of debentures will be reduced from ~$445 million to ~$216 million.
  • 7This filing is for Regulation FD disclosure purposes and not deemed 'filed'.

Frequently Asked Questions

Holders of Liberty Media Corporation's 2.25% Exchangeable Senior Debentures due 2046 who were holders of record as of June 14, 2018, are eligible to receive the distribution.

The total Extraordinary Additional Distribution is $514.1295 per $1,000 original principal amount of the Debentures.

The distribution is a pass-through of cash consideration received by former Time Warner Inc. (TWX) stockholders in connection with AT&T Inc.'s acquisition of TWX. The debentures are exchangeable, and this distribution reflects a portion of the value derived from the underlying TWX shares.

The distribution will significantly reduce the outstanding principal amount of the Debentures from approximately $445 million to approximately $216 million.