Liberty Sets $1B Debt Offering

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Liberty Media Corp. said Wednesday that it has commenced cash tender offers for up to $1 billion in aggregate principal amount of its outstanding debt securities due 2006.

To date, the company has retired or obtained rights to retire $725 million of the $1 billion in debt scheduled to be retired by the end of 2005. Upon closing of the offers in the maximum amount, Liberty will have completed its $4.5 billion debt-reduction program and will have refinanced an additional $725 million in debt, the company said.

Liberty’s tender offers consist of two separate offers: any and all of its 3.50% senior notes due 2006, and up to a specified maximum amount of its floating-rate senior notes due 2006.

The offer for the 3.50% notes is scheduled to expire at 5 p.m. (EST) Friday, April 15, unless extended by Liberty, and the offer for the floating-rate notes is scheduled to expire at midnight (EST) Tuesday, May 3, also unless extended by Liberty.

Liberty has retained UBS Securities LLC to serve as dealer-manager for the offers and D.F. King & Co. Inc. to serve as the information agent.

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