Liberty Media Corporation Announces Completion of Credit Facility at Starz, LLC
November 17 2011 - 6:00AM
Business Wire
Liberty Media Corporation (Nasdaq: LCAPA, LCAPB, LSTZA, LSTZB),
and Starz, LLC today announced the completion of a $1.5 billion
senior secured credit facility. The facility includes a $1 billion
5-year revolving credit facility and a $500 million 5-year term
loan facility.
“We are pleased with the successful completion of the Starz
credit facility,” said Greg Maffei, President and CEO of Liberty.
“We are taking advantage of the attractive debt markets to further
strengthen our balance sheet and provide additional financial
flexibility and liquidity. Thank you to the lending
institutions.”
The interest rate on the facility is at LIBOR + 175-275 basis
points, based upon leverage, and Starz’s maximum leverage ratio
covenant is 4.75x, decreasing to 4.25x after 24 months. The
facility is secured by the membership interests of Starz, LLC and
its wholly owned subsidiary, Starz Entertainment, LLC.
About Liberty Media Corporation
Liberty Media owns interests in a broad range of media,
communications and entertainment businesses. Those interests are
attributed to two tracking stock groups: (1) the Liberty Starz
group (Nasdaq: LSTZA, LSTZB), which includes its interest in Starz,
LLC, and (2) the Liberty Capital group (Nasdaq: LCAPA, LCAPB),
which includes its subsidiaries Atlanta National League Baseball
Club, Inc., and TruePosition, Inc., its interest in SiriusXM, Live
Nation and Barnes & Noble, and minority equity investments in
Time Warner Inc. and Viacom.
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