Liberty Media completes rights offering.
M2 EQUITYBITES-June 27, 2016-Liberty Media completes rights offering
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Liberty Media Corporation (Nasdaq:LSXMA) (Nasdaq:LSXMB) (Nasdaq:LSXMK) (Nasdaq:BATRA) (Nasdaq:BATRK) (Nasdaq:LMCA) (Nasdaq:LMCK) disclosed on Friday that it completed its rights offering at 17:00 New York City time on 16 June 2016.
Part of the net proceeds from the offering were used to fully repay the note from Braves Holdings LLC, to Liberty.
The subscription agent informed the company that the rights offering was fully subscribed, with 15,833,634 shares of series C Liberty Braves common stock to be issued to those holders of rights exercising basic and if applicable, over subscription privileges. Accordingly, about 96% of the shares to be issued as a result of the offering were subscribed for, under validly exercised basic subscription privileges.
Also, due to the remaining shares available for issue, those rights holders validly exercising over subscription privileges will be allocated these on a pro rata basis based on the number of rights underlying their basic subscription privilege.
As a result of the rights offering, the inter-group interest in the Braves Group attributed to the Media Group (the IGI) was adjusted. The adjusted number of notional shares representing the IGI is now 9,084,940, representing a 15.6% inter-group interest in the Braves Group.
Liberty Media operates and owns interests in a variety of media, communications and entertainment businesses, attributed to three tracking stock groups, the Liberty SiriusXM Group, the Liberty Braves Group and the Liberty Media Group.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 27, 2016|
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