Sunday, November 27, 2022

Liberty Media Company Proclaims Closing of Refinancing of Formulation 1 First Lien Time period Mortgage B and Revolving Credit score Facility and Incurrence of New First Lien Time period Mortgage A

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ENGLEWOOD, Colo.–()–Liberty Media Company (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) introduced immediately the closing of the refinancing of the primary lien Time period Mortgage B and first lien revolving credit score facility of sure subsidiaries of Delta Topco Restricted, the Liberty Media subsidiary which holds all of its pursuits in Formulation 1, the long-lasting world motorsports enterprise.

Delta Topco Restricted and its subsidiaries (“Formulation 1”) changed the earlier $500 million first lien revolving credit score facility with a brand new $500 million revolving credit score facility with an prolonged maturity and changed the earlier $2,902 million first lien Time period Mortgage B with a brand new first lien Time period Mortgage A of $725 million and a refinanced Time period Mortgage B of $1,700 million. The transaction resulted in an combination discount of debt which Formulation 1 made utilizing money readily available.

As of November 23, 2022, the primary lien revolving credit score facility was undrawn. The phrases of the transaction present for, amongst different issues a maturity of January 15, 2030 for the Time period Mortgage B and January 15, 2028 for the Time period Mortgage A and revolving credit score facility. The margin for the Time period Mortgage B is 3.25% with the potential to step down to three.00% if a sure leverage take a look at is met. The margin for the brand new Time period Mortgage A and revolving credit score facility is between 1.50% and a pair of.25% relying on leverage ratios, amongst different issues, and is fastened at 1.75% for the primary 12 months. The reference fee for the Time period Mortgage A, Time period Mortgage B and greenback borrowings below the revolving credit score facility is Time period SOFR. The Time period Mortgage B, the Time period Mortgage A and the revolving credit score facility stay non-recourse to Liberty Media. Formulation 1, along with the debt described herein, is attributed to the Formulation One Group monitoring inventory.

About Liberty Media Company

Liberty Media Company operates and owns pursuits in a broad vary of media, communications and leisure companies. These companies are attributed to a few monitoring inventory teams: the Liberty SiriusXM Group, the Braves Group and the Formulation One Group. The companies and belongings attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) embrace Liberty Media Company’s pursuits in SiriusXM and Dwell Nation Leisure. The companies and belongings attributed to the Braves Group (NASDAQ: BATRA, BATRK) embrace Liberty Media Company’s subsidiary Braves Holdings, LLC. The companies and belongings attributed to the Formulation One Group (NASDAQ: FWONA, FWONK) encompass all of Liberty Media Company’s companies and belongings apart from these attributed to the Liberty SiriusXM Group and the Braves Group, together with its subsidiary Formulation 1 and different minority investments.

About Formulation 1

Formulation 1® racing started in 1950 and is the world’s most prestigious motor racing competitors, in addition to the world’s hottest annual sporting sequence. Formulation One World Championship Restricted is a part of Formulation 1® and holds the unique business rights to the FIA Formulation One World Championship™. Formulation 1® is a subsidiary of Liberty Media Company, attributed to the Formulation One Group monitoring inventory (NASDAQ: FWONA, FWONK). The F1 brand, F1 FORMULA 1 brand, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX, PADDOCK CLUB and associated marks are logos of Formulation One Licensing BV, a Formulation 1 firm. All rights reserved.

For extra data on Formulation 1® go to www.formula1.com.



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