Liberty Media priced and agreed to sell to initial purchasers $444.6 million in 2.25% exchangeable senior debentures due 2046 in a private offering.
The debt securities are backed by Time Warner shares owned by Liberty and upon exchange Liberty could offer Time Warner stock, cash or a combination of both. Liberty first announced its intention to issue the debentures Thursday.
Liberty currently holds about 4.3 million shares of Time Warner stock, or less than 1% of the media company’s outstanding stock.
The offering is expected to close on Aug. 17, subject to satisfaction of customary closing conditions.
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(Photo via Ervins Strauhmanis's Flickr. Image taken on Sept. 19, 2014 and used per Creative Commons 2.0 license. The photo was cropped to fit 3x4 aspect ratio.)
