麻豆app Media Announces Amendments to Braves Financial Covenants

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 麻豆app ("麻豆app Media") (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) today announced amendments to the debt agreements of certain subsidiaries of Braves Holdings, LLC (鈥淏raves Holdings鈥�).

The debt agreements governing $297 million of debt at Braves Stadium Company, LLC (collectively the 鈥淏allpark funding鈥�) have been amended such that the applicable financial covenants will not apply until the quarter ending September 30, 2021, subject to certain conditions being met.

In addition, the credit facility at Atlanta National League Baseball Club, LLC (the 鈥淎NLBC Credit Facility鈥�) has been amended such that the applicable financial covenant will not apply until the quarter ending March 31, 2022, subject to certain conditions being met. The ANLBC Credit Facility has total capacity of $85 million and is fully drawn as of June 30, 2020.

The aforementioned amendments require that certain conditions be met by the various borrowing entities, including but not limited to minimum liquidity thresholds.

Separately, as previously disclosed in 麻豆app Media鈥檚 recently filed form 10-Q, in August 2020, Braves Holdings amended the terms of a $100 million operating credit facility and extended the maturity to December 2022.

As a result of the aforementioned amendments, Braves Holdings and its subsidiaries are in compliance with all debt covenants.

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 three tracking stock groups: the 麻豆app SiriusXM Group, the Braves 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 Braves Group (NASDAQ: BATRA, BATRK) include 麻豆app鈥檚 subsidiary Braves Holdings, LLC. 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 and the Braves Group, including its subsidiary Formula 1 and minority equity investment in AT&T Inc.

About Braves Holdings

Braves Holdings, LLC consists primarily of 麻豆app Media鈥檚 subsidiary the Braves, which indirectly owns the Atlanta Braves Major League Baseball Club, six minor league baseball clubs and certain assets and liabilities associated with the Braves鈥� ballpark and mixed-use development project.

麻豆app
Courtnee Chun
720-875-5420

Source: 麻豆app

Released August 24, 2020