Item 7.01. Regulation FD Disclosure.
On November 9, 2020 and November 10, 2020, Liberty Media Corporation (the
"Company") announced the proposed offering and pricing, respectively, of $800
million aggregate principal amount of its 0.50% Exchangeable Senior Debentures
due 2050 (the "Debentures") pursuant to an exemption under the Securities Act of
1933, as amended. The Company also granted to the initial purchasers an option
to purchase additional Debentures with an aggregate principal amount of up to
As of September 30, 2020, the Company beneficially owned approximately 33% of
the issued and outstanding shares of Live Nation Entertainment, Inc. common
stock ("Live Nation common stock"). Of the shares the Company beneficially owns,
as of September 30, 2020, 53,745,033 have been pledged as collateral (such
pledged shares, the "Pledged Live Nation Collateral") to secure obligations
under a margin facility (the "Live Nation Margin Loan Facility") entered into by
a special purpose subsidiary of the Company.
On November 9, 2020, the Live Nation Margin Loan Facility was amended to, among
other things, extend the maturity date and the availability period until
December 2022, decrease the borrowing capacity to $200,000,000, release a
portion of the Pledged Live Nation Collateral, decrease the undrawn commitment
fee to 0.50% per annum (based on the undrawn amount) and increase the interest
rate on borrowings to LIBOR plus 2.00%. Based on the last reported sale price on
the New York Stock Exchange for the Live Nation common stock of $64.36 per share
on November 9, 2020, all but approximately 9 million shares of the Pledged Live
Nation Collateral will be released.
This Current Report on Form 8-K and the press releases attached hereto as
Exhibits 99.1 and 99.2 are being furnished to the Securities and Exchange
Commission under Item 7.01 of Form 8-K in satisfaction of the public disclosure
requirements of Regulation FD and shall not be deemed "filed" for any purpose.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press Release, dated November 9, 2020, regarding the proposed private
99.2 Press Release, dated November 10, 2020, regarding the pricing.
104 Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101)
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