ENGLEWOOD, Colorado – (COMMERCIAL THREAD) – Liberty Media Corporation (“Liberty”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) today announced an amendment to the term loan and revolving credit facility of certain subsidiaries of Delta Topco Limited, the Liberty subsidiary which owns all of its interests in Formula 1 (“Formula 1”).
“Formula 1 remains the pinnacle of motorsport as it turns 70e anniversary, ”said Chase Carey, President and CEO of Formula 1.“ This new flexibility in our covenants, along with a strong balance sheet and abundant liquidity, will get us through this difficult time and we are delighted to begin. season in Austria July 3-5. We are returning to the track with more determination and determination with our new #WeRaceAsOne initiative. ”
The change was made to the net leveraged financial commitment under the $ 2,902 million first lien term loan facility agreement and the $ 500 million first lien revolving credit facility. Formula 1 dollars. The amendment provides that, subject to certain conditions being met by Formula 1, the net leveraged financial covenant will not apply until January 1, 2022.
Relevant terms applicable to Formula 1 include maintaining minimum liquidity (consisting of unrestricted cash and cash equivalents investments and available revolving credit facility commitments) of $ 200 million and certain restrictions. on dividends, other payments and additional debt obligations. Formula 1 retains the ability, in accordance with the Amendment, to restart the requirement to comply with the net leveraged financial commitment by January 1, 2022 and in which case the relevant additional conditions will cease to apply. To date, the $ 500 million senior revolving credit facility has not been drawn. Delta Topco Limited and its subsidiaries, as well as the debt described in this document, are attributed to Formula One Group tracking stock.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the benefits of the amendment to the term loan and revolving credit facility, the Formula 1 racing schedule, compliance certain conditions and other matters which are not historical facts. These forward-looking statements involve numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in acceptance by the market for new products or services, changes in the law and their application, regulatory issues affecting Formula 1 activity and the impact of the novel coronavirus pandemic (including on general market conditions and capacity Formula 1 to organize live events and fan participation in these events). These forward-looking statements speak only as of the date of this press release, and Liberty expressly disclaims any obligation or commitment to release any update or revision to any forward-looking statement contained herein to reflect any change in expectations of Liberty in this regard or any change in the events, conditions or circumstances on which such statement is based. Please refer to Liberty’s public documents, including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, for risks and uncertainties relating to Liberty’s business that may affect statements made. in this press release.
About Liberty Media Corporation
Liberty Media Corporation operates and owns interests in a wide variety of media, communications and entertainment businesses. These companies are assigned to three groups of follow-up actions: the Liberty SiriusXM group, the Braves group and the Formula One group. The businesses and assets assigned to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media Corporation’s interests in SiriusXM and Live Nation Entertainment. The businesses and assets attributed to the Braves Group (NASDAQ: BATRA, BATRK) include the Braves Holdings, LLC subsidiary of Liberty Media Corporation. The activities and assets attributed to the Formula One group (NASDAQ: FWONA, FWONK) consist of all the activities and assets of Liberty Media Corporation other than those attributed to the Liberty SiriusXM group and the Braves group, including its subsidiary Formula 1 and the minority interests in AT&T Inc.
About Formula 1
Formula 1® racing began in 1950 and is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sports series. In 2019, it was watched by 471 million unique viewers from nearly 200 territories. Formula One World Championship Limited is part of Formula 1 and owns the exclusive commercial rights to the FIA Formula One World Championship™.
Formula 1 is a subsidiary of Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) assigned to Formula One Group tracking stock.
For more information on Formula 1® visit www.formule1.com.