Upcoming AWS Coverage on DISH Network Post-Earnings Results
LONDON, UK / ACCESSWIRE / May 22, 2017 / Active Wall St. blog coverage looks at the headline from Liberty Global PLC (NASDAQ: LBTYA) as the Company announced Liberty Global Plc.'s Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced the prices of its Primary Offering and Secondary Offering of Series C Liberty Formula One's Common Stock, on May 19, 2017. Liberty Media expects to raise approximately $388.7 million from this transaction. Register with us now for your free membership and blog access at:
One of Liberty Global's competitors within the CATV Systems space, DISH Network Corp. (NASDAQ: DISH), reported on May 01, 2017 its Q1 2017 financial results. AWS will be initiating a research report on DISH Network in the coming days.
Today, AWS is promoting its blog coverage on LBTYA; touching on DISH. Get all of our free blog coverage and more by clicking on the link below:
Details of the underwritten offerings
The total Public Offering is for 40 million shares of Liberty's Series C Liberty Formula One's common stock (FOCS) with par value of $0.001 per share. Out of the total 40 million shares, 12,903,225 shares of FCOS are being offered by Liberty Media whereas the balance 27,096,775 shares of FCOS are being offered on behalf of certain stockholders. The FCOS' shares being offered on behalf of the stockholders is priced at $31 per share. These stockholders had acquired FCOS' shares as a part of Liberty Media's January 2017 acquisition of Delta Topco Limited, the parent company which owned Formula One. These shareholders have given the underwriters a 30-day option to buy an additional 6 million shares of FCOS at the same offer price of $31 per share.
The Public Offering is expected to settle and close on May 24, 2017, and is subject to customary closing conditions.
At the close of this transaction, Liberty Media will be able to raise approximately $388.7 million from the sale of its portion of the shares, after deducting underwriters' discounts and commissions but before deducting offering expenses. Liberty Media plans to use the raised funds to pay off its debts owed to a wholly owned subsidiary of Delta Topco. The transaction will be attributed to the Formula One Group.
Any funds raised from the sale of the remaining shares will be directly received by the stockholders of FCOS, and Liberty Media will not receive any funds from this portion of the transaction.
The Public Offerings is being managed by Goldman Sachs & Co. LLC, J.P. Morgan, and Morgan Stanley acting as the book-running managers and representatives of the underwriters whereas BofA Merrill Lynch, Barclays, Credit Suisse and Citigroup are working as the additional book-running managers.
About Liberty Global
Liberty Global's businesses are segregated into two distinct groups and each business has three classes of shares. The first is the Liberty Global Group, which is basically the Company's European operations, and its stock is traded on the NASDAQ Global Select Market under the tickers: "LBTYA", "LBTYB", and "LBTYK". The second is the LiLAC Group, which includes the Latin American and Caribbean operations, and its stock is traded on the NASDAQ Global Select Market under the tickers: "LILA" and "LILAK"; and on the OTC link under the symbol "LILAB".
At the closing bell, on Friday, May 19, 2017, Liberty Global's stock price was slightly up by 0.57% to end the day at $30.12. A total volume of 5.35 million shares were exchanged during the session, which was above the 3-month average volume of 2.82 million shares. The Company's shares have a PE ratio of 14.42. The stock is currently trading at a PE ratio of 14.42 and has a market capital of $29.87 billion.
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