New York, June 12 - Liberty Media Corp. said it is tendering for $697.3 million and £101 million face amount of Telewest Communications plc bonds.
The offer, being made through a subsidiary of Liberty called Liberty TWSTY Bonds, Inc., is for cash at a discount to face value.
Completion of the offer is conditional on at least 20% of the outstanding amount of the bonds covered by the offer being tendered. These total $3.486 billion and £505 million.
Liberty's offer expires at 5.00 p.m. ET on July 11 unless extended. Holders who tender by 5.00 p.m. ET on June 26 will receive an early tender payment.
Holders will also receive accrued interest on those securities that are currently paying interest.
Lehman Brothers is dealer manager for the offer.
Details of the offer are shown in Table 1.
Table 1: Details of Liberty Media tender for Telewest bonds
| Series | Outstanding | Offer | Purchase | Early | Total
|
| (millions) | Amount | Price | Tender | Payment
|
| 9 | 5/8% senior debentures due 2006 | $300 | $60.00 | $410.00 | $30.00 | $440.00
|
| 11% senior discount debentures due 2007 | $1,536 | $307.30 | $420.00 | $30.00 | $450.00
|
| 11¼% senior notes due 2008 | $350 | $70.00 | $420.00 | $30.00 | $450.00
|
| 9 | 7/8% senior discount notes due 2009 | £325 | £65.00 | £328.75 | £30.00 | £358.75
|
| 9¼% senior discount notes due 2009 | $500 | $100.00 | $332.50 | $30.00 | $362.50
|
| 9 | 7/8% senior notes due 2010 | £180 | £36.00 | £415.00 | £30.00 | £445.00
|
| 9 | 7/8% senior notes due 2010 | $350 | $70.00 | $415.00 | $30.00 | $445.00
|
| 11 | 3/8% senior discount notes due 2010 | $450 | $90.00 | $292.50 | $30.00 | $322.50
|
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|
| Outstanding is the principal amount of the security outstanding, Offer Amount is the principal amount covered by the tender offer, Purchase Price is the amount offered per $1,000 or £1,000 principal amount, Early Tender is the payment for early tender per $1,000 or £1,000, Total Payment is Purchase Price plus Early Tender.
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