Liberty Media (FWONA, FWONK, LLYVA, LLYVK) said Friday it has completed the refinancing of its first lien term loan B and extended the maturity of its first lien term loan A and first lien revolving credit line of certain subsidiaries of its Delta Topco unit on Thursday.
Delta Topco and its units, or Formula 1, refinanced the previous $1.70 billion term loan B with a maturity of Jan. 15, 2030, with a new $1.70 billion term loan B that will mature on Sept. 30, 2031, the company added.
Formula 1 also extended the maturities of the roughly $689 million term loan A and the $500 million revolving credit facility to Sept. 30, 2029, from Jan. 15, 2028, according to the company.
Additionally, Formula 1 advertised an incremental $850 million of term loan B financing and received $150 million of incremental commitments to the newly extended term loan A, Liberty Media said.
The company will use the incremental term loans to finance a part of the Dorna Sports acquisition, which is anticipated to close by year-end, it added.
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