Liberty Media prices $690M 2.375% convertible notes due 2032; conversion at $138.68

Liberty Media Corp

$690M aggregate principal of 2.375% Senior Convertible Notes due 2032; $90M option exercised in full by initial purchasers.
Notes convertible into FWONK at $138.68/share (7.2106 shares per $1,000), ~35% premium to $102.73 Aug 10 close.
Net proceeds ~$680M; used for capped call costs on 2027 Notes, working capital, and repayment of 2027 Notes.
Concurrently entered capped call transactions on 2.25% 2027 Notes to offset dilution/cash payments on conversion.
Matures Aug 15, 2032; interest semi-annual from Feb 15, 2027; redeemable from Aug 20, 2029 if FWONK ≥130% of conversion price.

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