Liberty Media Enters Material Agreement

TL;DR

Liberty Media just signed a big deal for F1, new debt involved.

AI Summary

On September 19, 2024, Liberty Media Corporation entered into a material definitive agreement related to its Formula One Group. The filing also indicates the creation of a direct financial obligation for the registrant and includes a Regulation FD disclosure. Specific details regarding the agreement, financial obligations, and the nature of the disclosure are not fully elaborated in the provided text.

Why It Matters

This filing signals a significant new agreement for Liberty Media's Formula One Group, potentially impacting its financial obligations and future strategy.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a new financial obligation, which inherently carries some level of risk and requires further investigation into the specifics.

Key Players & Entities

• Liberty Media Corporation (company) — Filer of the 8-K report
• Formula One Group (company) — Group associated with the material definitive agreement
• Liberty Spinco, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $500 million — The Facilities Agreement provides for a $500 million revolving credit facility (the "Revolvi
• $689 million — ing Credit Facility"), an approximately $689 million term loan "A" facility (the "Term Loan
• $1.7 billion — lity (the "Term Loan A Facility") and a $1.7 billion term loan "B" facility (the "Term Loan
• $26.5 million — cility, the "Credit Facilities") with a $26.5 million sub-limit for letters of credit. Borro

Filing Documents

• tm2424432d1_8k.htm (8-K) — 37KB
• tm2424432d1_ex99-1.htm (EX-99.1) — 10KB
• 0001104659-24-101538.txt ( ) — 278KB
• lmca-20240919.xsd (EX-101.SCH) — 4KB
• lmca-20240919_def.xml (EX-101.DEF) — 27KB
• lmca-20240919_lab.xml (EX-101.LAB) — 37KB
• lmca-20240919_pre.xml (EX-101.PRE) — 26KB
• tm2424432d1_8k_htm.xml (XML) — 7KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On September 19, 2024, Delta Topco Limited, a wholly-owned indirect subsidiary of Liberty Media Corporation (the "Company"), and its subsidiaries (Delta Topco Limited and its subsidiaries, "Formula 1") closed the refinancing of Formula 1's first lien Term Loan B facility and the maturity extension of Formula 1's first lien Term Loan A facility and first lien revolving credit facility, pursuant to an Amendment Agreement, dated as of September 19, 2024 (the "Amendment"), by and among Formula One Management Limited, for itself and as agent for certain Formula 1 entities, J.P. Morgan SE, as facility agent, and other financial institutions party thereto, which amended that certain amended and restated first lien facilities agreement, dated as of November 23, 2022 (as amended, amended and restated or modified from time to time, including by the Amendment, the "Facilities Agreement"), by and among Formula One Management Limited, for itself and as agent for certain Formula 1 entities, J.P. Morgan SE, as facility agent, NatWest Markets plc, as security agent, and other financial institutions party thereto. The facility agent, the lenders under the Facilities Agreement and each of their respective affiliates also perform various financial advisory, investment banking and commercial banking services from time to time for the Company and its affiliates, for which they receive customary fees. The Facilities Agreement provides for a $500 million revolving credit facility (the "Revolving Credit Facility"), an approximately $689 million term loan "A" facility (the "Term Loan A Facility") and a $1.7 billion term loan "B" facility (the "Term Loan B Facility", together with the Revolving Credit Facility and the Term Loan A Facility, the "Credit Facilities") with a $26.5 million sub-limit for letters of credit. Borrowings under the Credit Facilities bear interest at (i) if in U.S. Dollars, the applicable secured overnight financ

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On September 20, 2024, the Company issued a press release announcing the closing of the refinancing of the first lien Term Loan B facility and the maturity extension of the first lien Term Loan A facility and first lien revolving credit facility of Formula 1. A copy of this press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and incorporated into this Item 7.01 by reference. This Item 7.01 and the press release furnished herewith as Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed "filed" for any purpose.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release dated September 20, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 20, 2024 LIBERTY MEDIA CORPORATION By: /s/ Katherine C. Jewell Name: Katherine C. Jewell Title: Vice President and Assistant Secretary

View Full Filing

View this 8-K filing on SEC EDGAR