Liberty adjusts conversion rate convertible senior notes
Liberty Media announced an adjustment to the conversion rate of its 1.375% Cash Convertible Senior Notes due 2023. The new conversion rate is 15.7760 shares of LMCA per $1,000 principal amount of Cash Convertible Notes, up from the initial conversion rate of 5.5882 shares of LMCA. Liberty is adjusting the conversion rate due to the payment 7/23 of the previously-announced stock dividend of two shares of its non-voting Series C common stock for each share of LMCA and LMCB. The stock dividend was paid to holders of record of LMCA and LMCB as of 5:00 p.m. ET on 7/7, the record date for the stock dividend.
As previously announced, the Series C common stock traded on a when-issued basis on the Nasdaq Global Select Market under the symbol “LMCKV” during the period commencing on July 8, 2014 and ending on July 23, 2014. The Series C common stock will begin regular way trading tomorrow, which is the ex-dividend date for the stock dividend, under the symbol “LMCK” on the Nasdaq Global Select Market.