Liberty Media enhances bond deal
Bloomberg News
Published March 21, 2008 at 12:05 a.m.
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Douglas County-based Liberty Media says it will sweeten the terms on $1.75 billion in bonds and offer holders a higher interest rate in exchange for giving up the right to make the media company buy back the debt now.
Liberty will raise the interest rate on the convertible notes due in 2023, its largest class of bonds, to 3.125 percent from 0.75 percent, it said in a statement. The company also promised to pay the bonds in cash, giving up a right to pay in shares of Time Warner Inc. instead.
The move would keep Liberty Chairman John Malone from having to refinance the debt in a rattled bond market in exchange for about $41.6 million of extra interest payments yearly.
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