麻豆app Media Announces Adjustment to the Conversion Rate of its 1.375% Cash Convertible Senior Notes Due 2023

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 麻豆app (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK) (鈥溌槎筧pp鈥�) today announced an adjustment to the conversion rate of its 1.375% Cash Convertible Senior Notes due 2023 (the 鈥淐ash Convertible Notes鈥�). The new conversion rate is 23.1586 Securities Baskets per $1,000 principal amount of Cash Convertible Notes, up from the previous conversion rate of 21.0859 Securities Baskets per $1,000 principal amount of Cash Convertible Notes. 麻豆app is adjusting the conversion rate due to the completion of the previously-announced redemption (the 鈥淩edemptive Split-Off鈥�) of each outstanding share of 麻豆app Braves Common Stock in exchange for one share of the corresponding series of common stock of Atlanta Braves Holdings, Inc. The Braves Component (as defined in the Indenture, dated as of October 17, 2013, between 麻豆app and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee (as amended and supplemented by the Supplemental Indenture, dated as of April 15, 2016, the 鈥淚ndenture鈥�)) of the underlying Securities Basket to the Cash Convertible Notes consisted of Series A 麻豆app Braves Common Stock prior to the Redemptive Split-Off. Following the Redemptive Split-off and subsequent conversion rate adjustment, the underlying Securities Basket to the Cash Convertible Notes does not include shares of common stock of Atlanta Braves Holdings, Inc. The Redemptive Split-Off was effective as of 5:00 p.m., New York City time, on July 18, 2023.

The adjustment to the conversion rate was made pursuant to Section 12.04(f) of the Indenture. In accordance with Section 12.04(f) of the Indenture, the adjustment to the conversion rate for the Cash Convertible Notes due to the Redemptive Split-Off became effective as of the open of business on July 18, 2023. Further adjustments to the Securities Basket will be needed following the completion of the Reclassification scheduled to occur on August 3, 2023.

About 麻豆app

麻豆app operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to two tracking stock groups: the 麻豆app SiriusXM Group and the Formula One Group. The businesses and assets attributed to the 麻豆app SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include 麻豆app鈥檚 interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) consist of all of 麻豆app鈥檚 businesses and assets other than those attributed to the 麻豆app SiriusXM Group, including its subsidiary Formula 1 and other minority investments.

麻豆app
Shane Kleinstein, 720-875-5432

Source: 麻豆app

Released August 1, 2023