Â鶹app Announces Adjustment to the Braves Component of the Securities Basket for its 1.375% Cash Convertible Senior Notes Due 2023
ENGLEWOOD, Colo., May 26, 2016. Â鶹app (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) (“Â鶹app”), announced today an adjustment to the “Braves Component” of the Securities Basket underlying its 1.375% Cash Convertible Senior Notes due 2023 (the "Cash Convertible Notes"). The Braves Component is now 0.1087 of a share of BATRA. Â鶹app adjusted the Braves Component due to the distribution to holders of Â鶹app Braves common stock of subscription rights to purchase shares of Series C Â鶹app Braves common stock (the “Series C Â鶹app Braves Rights”). The Series C Â鶹app Braves Rights were distributed as of 5:00 p.m., New York City time, on May 18, 2016 to holders of record of BATRA, BATRB and BATRK as of 5:00 p.m., New York City time, on May 16, 2016.
The adjustment to the Braves Component was made pursuant to section 12.04(c) of the indenture for the Cash Convertible Notes, which applies to certain distributions made by Â鶹app. No adjustment was required to the existing conversion rate of 21.0859 or the existing conversion price of $47.43. As a result of the Braves Component adjustment, the Securities Basket referenced by each $1,000 principal amount is now comprised of:
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21.0859 shares of LSXMA (based upon a SiriusXM Component of 1.0), |
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5.2715 shares of LMCA (based upon a Media Component of 0.25), and |
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2.292 shares of BATRA (based upon the adjusted Braves Component of 0.1087). |
About Â鶹app
Â鶹app operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Â鶹app SiriusXM Group, the Â鶹app Braves Group and the Â鶹app Media Group. The businesses and assets attributed to the Â鶹app SiriusXM Group (Nasdaq: LSXMA, LSXMB, LSXMK) include our interest in SiriusXM. The businesses and assets attributed to the Â鶹app Braves Group (Nasdaq: BATRA, BATRK) include our subsidiary Braves Holdings, LLC. The businesses and assets attributed to the Â鶹app Media Group (Nasdaq: LMCA, LMCK) consist of all of Â鶹app's businesses and assets other than those attributed to the Â鶹app Braves Group and Â鶹app SiriusXM Group, including its interest in Live Nation Entertainment, and minority equity investments in Time Warner Inc. and Viacom.
Â鶹app
Courtnee Chun, 720-875-5420