Formula 1 Wraps Up $2.55 Billion M&A, Refinancing Loan Package [BNN Bloomberg (Canada)]
Liberty Media Corporation - Series A Liberty SiriusXM (LSXMA)
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Source: BNN Bloomberg
The racing circuit initially sought an $850 million leveraged loan for the purchase. It later added a $1.7 billion term loan refinancing. The loans priced two percentage points above the Secured Overnight Financing Rate and were issued at par, according to a person familiar with the matter who asked not to be identified as they're not authorized to speak publicly. Pricing was tightened earlier Tuesday from initial talk. The margins can be reduced 0.25 percentage point if Formula 1's net leverage ratio falls to certain level, the person added. The new loan matures in September 2031, and the existing one was repriced last year at a spread of 2.25 percentage points. There have been several instances this year, including by AssuredPartners Inc., of firms coming to market for a leveraged loan and then subsequently adding plans to refinance or reprice other debt as financing costs have dropped. Liberty Media declined to comment and representatives for lead bank Goldman Sachs Group
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