麻豆最新出品

(9)听Long-Term Debt

Debt is summarized as follows:

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(1) Measured at fair value

1.375% Cash Convertible Notes due 2023

On October 17, 2013, 麻豆最新出品 issued $1 billion aggregate principal amount of the Convertible Notes. The Convertible Notes will mature on October 15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities.

The Convertible Notes are convertible into cash based on the product of the conversion rate specified in the related indenture and the Securities Basket. A supplemental indenture entered into on April 15, 2016 amends the conversion, adjustment and other provisions of the indenture and provides that the conversion consideration due upon conversion of any Convertible Note shall be determined as if references in the indenture to one share of Series A 麻豆最新出品 common stock were instead a reference to the Securities Basket, initially consisting of 0.10 of a share of Series A 麻豆最新出品 Braves common stock, 1.0 share of Series A 麻豆最新出品 SiriusXM common stock and 0.25 of a share of Series A 麻豆最新出品 Formula One common stock. The Series A 麻豆最新出品 Braves common stock component of the Securities Basket was adjusted to 0.1087 pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C 麻豆最新出品 Braves common stock made to all holders of 麻豆最新出品 Braves common stock.

Holders of the Convertible Notes may convert their notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date of the notes under certain circumstances. 麻豆最新出品 has elected to account for this instrument using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. As of March 31, 2020, the Convertible Notes are classified as a long term liability in the condensed consolidated balance sheet, as the conversion conditions have not been met as of such date.

Additionally, contemporaneously with the issuance of the Convertible Notes, 麻豆最新出品 entered into privately negotiated cash convertible note hedges and purchased call options (the 鈥淏ond Hedge Transaction鈥�). The Bond Hedge Transaction is expected to offset potential cash payments 麻豆最新出品 would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes in the event that the volume-weighted average price per share of the Series A 麻豆最新出品 common stock, as measured under the cash convertible note hedge transactions on each trading day of the relevant cash settlement averaging period or other relevant valuation period, was greater than the strike price of Series A 麻豆最新出品 common stock, which corresponded to the conversion price of the Convertible Notes. On April 15, 2016, 麻豆最新出品 entered into amendments to the Bond Hedge Transaction. As of such date, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A 麻豆最新出品 Formula One common stock, 21,085,900 shares of Series A 麻豆最新出品 SiriusXM common stock and 2,108,590 shares of Series A 麻豆最新出品 Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which was equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes at that time. The aggregate number of shares of Series A 麻豆最新出品 Braves common stock relating to the Bond Hedge Transaction was increased to 2,292,037. As of March 31, 2020, the basket price of the securities underlying the Bond Hedge Transaction was $40.26 per share. The expiration of these instruments is October 15, 2023. The fair value of these instruments is included in Other assets as of March 31, 2020 and December 31, 2019 in the accompanying condensed consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations.

Concurrently with the Convertible Notes and Bond Hedge Transaction, 麻豆最新出品 also entered into separate privately negotiated warrant transactions under which 麻豆最新出品 sold warrants relating to the same number of shares of common stock as underlie the Bond Hedge Transaction, subject to anti-dilution adjustments (鈥淲arrant Transactions鈥�). The first expiration date of the warrants is January 16, 2024 and the remainder expire over a period covering 81 days thereafter. 麻豆最新出品 may elect to settle its delivery obligation under the Warrant Transactions with cash. 麻豆最新出品 entered into amendments to the Warrant Transactions with each of the option counterparties (鈥淎mended Warrant Transactions鈥�). 听As of April 15, 2016, the

Amended Warrant Transactions covered, in the aggregate, 5,271,475 shares of Series A 麻豆最新出品 Formula One common stock, 21,085,900 shares of Series A 麻豆最新出品 SiriusXM common stock and 2,108,590 shares of Series A 麻豆最新出品 Braves common stock, subject to anti-dilution adjustments. The aggregate number of shares of Series A 麻豆最新出品 Braves common stock relating to the Amended Warrant Transactions was increased to 2,292,037 pursuant to anti-dilution adjustments arising out of the rights distribution. The strike price of the warrants was adjusted to $61.16 per share. As of March 31, 2020, the basket price of the securities underlying the Amended Warrant Transactions was $40.26 per share. The Amended Warrant Transactions may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket.

The Convertible Notes, Bond Hedge Transaction and Warrant Transactions were attributed to the Formula One Group as of March 31, 2020.

1% Cash Convertible Notes due 2023

In connection with the acquisition of Delta Topco on January 23, 2017, 麻豆最新出品 issued $450 million aggregate principal amount of 1% Cash Convertible Senior Notes due 2023 at an interest rate of 1% per annum, which are convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series C 麻豆最新出品 Formula One common stock and mature on January 30, 2023 (the 鈥樷��1% Cash Convertible Notes due 2023鈥欌��). The initial conversion rate for the notes will be approximately 27.11听shares of Series C 麻豆最新出品 Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89听per share of Series C 麻豆最新出品 Formula One common stock. The conversion of the 1% Cash Convertible Notes due 2023 will be settled solely in cash, and not through the delivery of any securities.

2.25% Exchangeable Senior Debentures due 2046

On August 17, 2016, 麻豆最新出品 closed a private offering of approximately $445 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2046 (the 鈥�2.25% Exchangeable Senior Debentures due 2046鈥�), and shares of the Company鈥檚 Time Warner, Inc. (鈥淭ime Warner鈥�) common stock were the reference shares attributable to the debentures. On June 14, 2018, AT&T Inc. (鈥淎T&T鈥�) acquired Time Warner in a stock-and-cash transaction. In accordance with the terms of the indenture governing the 2.25% Exchangeable Senior Debentures due 2046, the cash portion of the acquisition consideration was paid on June 22, 2018 as an extraordinary additional distribution to holders of debentures, and the stock portion of the acquisition consideration became reference shares attributable to the debentures. Also pursuant to the indenture, the original principal amount of the 2.25% Exchangeable Senior Debentures due 2046 was reduced by an amount equal to the extraordinary additional distribution of $229 million, calculated as $514.1295 per $1,000 original principal amount of debentures. Additionally, any amount of excess regular quarterly cash dividends paid on the AT&T reference shares will be distributed by the Company to holders of the debentures as an additional distribution.

Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver AT&T common stock, cash or a combination of AT&T common stock and cash. The number of shares of AT&T common stock attributable to a debenture represents an initial exchange price of approximately $35.35 per share. A total of approximately 6.11 million shares of AT&T common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2016. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after October 5, 2021. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on October 5, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest.

The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.125% Exchangeable Senior Debentures due 2048

On March 6, 2018, 麻豆最新出品 closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the 鈥�2.125% Exchangeable Senior Debentures due 2048鈥�). Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2018. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after April 7, 2023. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on April 7, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the 麻豆最新出品 Sirius XM Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.25% Exchangeable Senior Debentures due 2048

In December 2018, 麻豆最新出品 closed a private offering of approximately $385 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2048 (the 鈥�2.25% Exchangeable Senior Debentures due 2048鈥�). Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $66.28 per share. A total of approximately 5.8 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2019. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after December 1, 2021. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on December 1, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.75% Exchangeable Senior Debentures due 2049

On November 26, 2019, 麻豆最新出品 closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the 鈥�2.75% Exchangeable Senior Debentures due 2049鈥�). Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period

distribution. The debentures, as well as the associated cash proceeds, were attributed to the 麻豆最新出品 SiriusXM Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

Margin Loans

Sirius XM Holdings Margin Loan

In March 2020, 麻豆最新出品 extended its margin loan agreement comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan, which mature during March 2022. The term loan, delayed draw term loan and any drawn portion of the revolver carries an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement. Borrowings outstanding under this margin loan bore interest at a rate of 3.50% per annum at March 31, 2020. As of March 31, 2020, availability under the Sirius XM Holdings Margin Loan was $1,000 million. 1,000 million shares of Sirius XM Holdings common stock held by 麻豆最新出品 with a value of $4,940 million were pledged as collateral to the Sirius XM Holdings Margin Loan as of March 31, 2020. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The margin loan does not include any financial covenants.

Live Nation Margin Loan

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On December 10, 2018, the Live Nation Margin Loan agreement was amended, increasing the borrowing capacity to $600 million, extending the maturity date to December 10, 2020, decreasing the interest rate to LIBOR plus 1.80% and increasing the undrawn commitment fee to either 0.75% or 0.85% per annum (based on the undrawn amount). On December 10, 2019, the margin loan agreement was amended, extending the maturity date to December 10, 2021. On March 19, 2020, the Company repaid all amounts outstanding on the margin loan. On March 27, 2020, the margin loan agreement was amended, reducing the borrowing capacity to $270 million. Interest on the margin loan is payable on the last business day of each calendar quarter. As of March 31, 2020, availability under the Live Nation Margin Loan was $270 million. As discussed in note 7, 53.7 million shares of the Company鈥檚 Live Nation common stock with a value of $2,443 million were pledged as collateral to the loan as of March 31, 2020. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants.

Sirius XM Holdings Senior Secured Revolving Credit Facility

Sirius XM Holdings entered into a Senior Secured Revolving Credit Facility (the "Credit Facility") with a syndicate of financial institutions with a total borrowing capacity of $1,750 million which matures in June 2023. The Credit Facility is guaranteed by certain of Sirius XM Holdings鈥� material domestic subsidiaries and is secured by a lien on substantially all of Sirius XM Holdings' assets and the assets of its material domestic subsidiaries. The proceeds of loans under the Credit Facility are used for working capital and other general corporate purposes, including financing acquisitions, share repurchases and dividends. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM Holdings is also required to pay a variable fee on the average daily unused portion of the Credit Facility which as of March 31, 2020 was 0.25% per annum and is payable on a quarterly basis. 听As the amount available for future borrowings is reduced by $1 million related to Pandora letters of credit, availability under the Credit Facility was $1,749 million as of March 31, 2020.

Braves Holdings Notes and Loans

In 2014, Braves Holdings, through a wholly-owned subsidiary, purchased 82 acres of land for the purpose of constructing a Major League Baseball facility and development of a mixed-use complex adjacent to the ballpark. Braves Holdings鈥� debt, primarily related to the stadium and mixed-use complex, is summarized as follows:

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Formula 1 Loans

On August 3, 2017, Formula 1 increased the amount outstanding under a first lien term loan denominated in U.S. Dollars (the 鈥淪enior Loan Facility鈥�) from $3.1 billion to $3.3 billion and extended its maturity to February 2024. In addition, on August 3, 2017, the revolving credit facility under the Senior Loan Facility was increased from $75 million to $500 million.

On January听31, 2018, Formula听1 refinanced the Senior Loan Facility. As part of the refinancing, Formula听1 repaid $400听million of the Senior Loan Facility, reducing the amount outstanding to $2.9 billion. The repayment was funded through borrowings of $250听million under the revolving credit facility and $150听million of cash on hand. The interest rate on the Senior Loan Facility was reduced to LIBOR plus 2.5% per annum. On May 23, 2019, Formula 1 refinanced the revolving credit facility, reducing the pricing grid by 25 basis points, and in combination with leverage reduction, the applicable interest rate is LIBOR plus 2.0% per annum. The revolving credit facility matures on May 31, 2024, unless the Senior Loan Facility is outstanding, in which case the revolving credit facility matures on November 3, 2023. As of March 31, 2020, there was $475 million outstanding under the $500 million revolving credit facility, which is classified as current debt in the condensed consolidated balance sheet based on Formula 1鈥檚 planned repayment of the outstanding balance on May 7, 2020, among other factors. The interest rate on the Senior Loan Facility was approximately 3.43% as of March 31, 2020. The Senior Loan Facility is secured by share pledges, bank accounts and floating charges over Formula 1鈥檚 primary operating companies with certain cross guarantees. Additionally, as of March 31, 2020, Formula 1 has interest rate swaps on $2.1 billion of the combined $3.4 billion Senior Loan Facility and revolving credit facility in order to manage its interest rate risk.

Debt Covenants

The Sirius XM Credit Facility contains certain financial covenants related to Sirius XM Holdings鈥� leverage ratio. Braves Holdings鈥� debt contains certain financial covenants related to Braves Holdings鈥� debt service coverage ratio, fixed

charge ratio, debt yield ratio, capital expenditures and liquidity. 听The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM鈥檚 Credit Facility, Braves Holdings鈥� debt, Formula 1 debt and other borrowings contain certain non-financial covenants. The Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with all debt covenants as of March 31, 2020.

Fair Value of Debt

The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level听2), of Sirius XM Holdings鈥� publicly traded debt securities, not reported at fair value, are as follows (amounts in millions):

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Due to the variable rate nature of the Credit Facility, margin loans and other debt the Company believes that the carrying amount approximates fair value at March 31, 2020. 听