Liberty Media raises $600M in convertible notes to refinance 2027 debt

What's the deal? Liberty MediaDealroom has a profile for this one. Try Dealroom → has raised $600 million through a private offering of convertible notes. The deal is set to close on 13 August 2026, with net proceeds estimated at $591 million after fees.

Why now? The company plans to use the raise mainly to refinance similar debt due in 2027, with the remainder for working capital.

The terms: The notes carry a fixed 2.375% annual coupon through August 2032. Creditors can convert the debt into Formula 1-linked shares at roughly $138 apiece, a 35% premium over the stock's price earlier in August 2026. The offering could grow by a further $90 million if buyers exercise an additional purchase option.

What could go wrong? Conversion carries dilution risk. Liberty bought price caps designed to limit excessive share dilution or unexpected cash outlays if investors convert the 2027 notes.

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Image credit: Dave Hamster