Â鶹app

LIBERTY MEDIA CORPORATION ANNOUNCES ENTRY INTO SUPPLEMENTAL INDENTURE IN CONNECTION WITH RECAPITALIZATION

INTO THREE TRACKING STOCK GROUPS

 

ENGLEWOOD, CO, April 18, 2016 -- On April 15, 2016, Â鶹app (Nasdaq: LSXMA, LSXMB, LSXMK, LMCA, LMCK, BATRA, BATRK) (“Â鶹app”) entered into a Supplemental Indenture with U.S. Bank National Association, as trustee (the “Supplemental Indenture”), to the Indenture, dated as of October 17, 2013 (the “Indenture”), related to Â鶹app’s 1.375% Cash Convertible Notes due 2023 (the “Notes”).  Under the Indenture, the Notes were convertible into cash based on a number of shares of Â鶹app’s Series A Common Stock, par value $0.01 per share (the “Series A Common Stock”), equal to the “conversion rate” specified in the Indenture. 

On April 15, 2016, pursuant to an amendment and restatement of Â鶹app’s certificate of incorporation (as amended, the “Restated Charter”), Â鶹app completed a previously announced transaction whereby each outstanding share of Â鶹app’s common stock was reclassified into and exchanged for the same series of three new tracking stocks (the “Reclassification”). The Restated Charter, among other things, reclassified and exchanged each outstanding share of Series A Common Stock for 0.10 of a share of Series A Â鶹app Braves Common Stock, 1.0 share of Series A Â鶹app SiriusXM Common Stock and 0.25 of a share of Series A Â鶹app Media Common Stock, with cash issued in lieu of fractional shares.

As a result of the Reclassification, the Notes will be convertible into cash based on the product of the conversion rate specified in the Indenture and the basket of tracking stocks into which each outstanding share of Series A Common Stock has been reclassified (the “Securities Basket”).  The Supplemental Indenture amends the conversion, adjustment and other provisions of the Indenture to give effect to the Reclassification and provides that the conversion consideration due upon conversion of any Note shall be determined as if references in the Indenture to one share of Series A Common Stock were instead a reference to the Securities Basket, initially consisting of 0.10 of a share of Series A Â鶹app Braves Common Stock, 1.0 share of Series A Â鶹app SiriusXM Common Stock and 0.25 of a share of Series A Â鶹app Media Common Stock.

 

About Â鶹app

Â鶹app (Nasdaq: LSXMA, LSXMB, LSXMK, LMCA, LMCK, BATRA, BATRK) operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Â鶹app Braves Group, the Â鶹app Media Group and the Â鶹app SiriusXM Group. The businesses and assets attributed to the Â鶹app SiriusXM Group include our interest in SiriusXM. The businesses and assets attributed to the Â鶹app Braves Group include our subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Â鶹app Media Group consist of all of Â鶹app's businesses and assets other than those attributed to the Â鶹app Braves Group and Â鶹app SiriusXM Group, including its interest in Live Nation Entertainment, and minority equity investments in Time Warner Inc. and Viacom.

Â鶹app
Courtnee Chun, 720-875-5420

Source: Â鶹app