Liberty Media ups offering of notes exchangeable into Sirius XM shares to $525 million

By Rebecca Melvin

New York, Nov. 21 – Liberty Media Corp. was said to have increased the size of its planned 30-year senior notes exchangeable into shares of Sirius XM Holdings Inc. to $525 million from $400 million, according to a New York-based market source.

The exchangeables deal was announced ahead of the open and expected to price after the market close.

The company is also repurchasing up to 20 million shares of its common stock concurrently with the pricing of the notes.

The notes were being talked to yield 2.5% to 2.75% with an initial exchange premium of 27.5% to 30%. J.P. Morgan Securities LLC and BNP Paribas Securities Corp. are active bookrunners of the Rule 144A transaction, which has a $60 million greenshoe.

The notes are non-callable until Dec. 1, 2024, and there is a put at year five. They also have takeover protection and dividend protection at $0.01331 per share per quarter.

The proceeds are earmarked for general corporate purposes, including potential mergers or acquisitions, interest payments on debentures offered and repayment of borrowings outstanding under its margin loan secured by shares of Sirius XM.

Liberty Media is an Englewood, Colo.-based media, communications and entertainment company. Sirius is a New York-based broadcasting company that provides satellite radio and online radio services.

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