A Term Loan B (TLB) is a large, syndicated loan made to a company that is typically sold to institutional investors rather than held by banks; think of it as a long-term mortgage from a group of investors with higher interest and smaller early payments. It matters to investors because it changes a company’s debt cost, repayment schedule and credit risk—factors that affect profit, cash flow and the market value of both the company’s equity and its traded debt.
term loan afinancial
Term Loan A is a portion of a company’s syndicated bank loan that is paid down with regular principal installments over a set period, usually carries lower interest and a shorter maturity than other loan tranches. It matters to investors because its scheduled repayments and interest cost affect a company’s cash flow and borrowing needs; heavy near‑term payments can reduce cash available for dividends, investment or increase refinancing risk, much like a mortgage with larger monthly payments limits household flexibility.
revolving credit facilityfinancial
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
euriborfinancial
Euribor is the benchmark interest rate at which banks in the eurozone lend short-term money to one another and is published for several maturities (overnight to one year). Investors watch it because it forms the baseline for many loans, mortgages, bonds and derivatives—like the temperature reading that helps predict how hot borrowing costs and returns will be across the market.
term sofrfinancial
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
net senior secured leverage ratiofinancial
A measure of how much top-priority, collateralized debt a company has compared with its ability to generate cash from operations, usually expressed as a multiple of annual operating cash flow. Think of it like asking how many years of current business cash flow would be needed to pay off the secured portion of the company’s debt after using available cash; lower numbers mean less risk for creditors and generally more financial flexibility for investors.
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ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Media Corporation (“Liberty”) (Nasdaq: FWONA, FWONK) announced today that MotoGP Sports Entertainment Group, S.L. (“MotoGP”) closed the repricing of its first lien Term Loan B, first lien Term Loan A and first lien revolving credit facility on June 17, 2026. MotoGP is a subsidiary of Liberty and is the exclusive commercial rights holder of the FIM MotoGP™ World Championship.
MotoGP repriced the previous €800 million Term Loan B with a maturity of August 18, 2032 with a new €720 million Term Loan B due August 18, 2032, the previous $231 million Term Loan A with a maturity of August 18, 2030 with a new $209 million Term Loan A with a maturity of August 18, 2030 and the previous €100 million multicurrency revolving credit facility with a maturity of August 18, 2030 with a new €100 million multicurrency revolving credit facility due August 18, 2030. The net reduction of approximately $114 million equivalent under the debt facilities was funded with cash from MotoGP’s balance sheet.
Based on MotoGP’s balance sheet as of March 31, 2026 and assuming exchange rates as of that date, pro forma for the repricing transactions, MotoGP has approximately $72 million of cash and liquid investments and principal amount of debt of $1,037 million. MotoGP’s net senior secured leverage ratio as of March 31, 2026 as defined in its credit facility and pro forma for the repricing transaction is 4.6x.
The current margin for the Term Loan B has been reduced from 2.50% to 2.25% (with a new range of 2.00% to 2.25% based on MotoGP’s consolidated net senior secured leverage ratio; the prior range was 2.25% to 2.75%) with a reference rate of EURIBOR. The current margin for the Term Loan A is unchanged at 1.50% (with a new range of 1.25% to 1.50% based on MotoGP’s consolidated net senior secured leverage ratio; the prior range was 1.50% to 2.00%) with a reference rate of Term SOFR. The current margin for the revolving credit facility is unchanged at 2.00% (with a new range of 1.50% to 2.00% based on MotoGP’s consolidated net senior secured leverage ratio; the prior range was 2.00 to 2.50%) with a reference rate of one of Term SOFR, SONIA or EURIBOR based on the currency of the applicable borrowing. The Term Loan B, the Term Loan A and the revolving credit facility remain non-recourse to Liberty.
About Liberty Media Corporation
Liberty Media Corporation (Nasdaq: FWONA, FWONK) operates and owns interests in media, sports and entertainment businesses. The portfolio of assets includes Liberty Media’s subsidiaries Formula 1, MotoGP and other minority investments.
About MotoGP Sports Entertainment Group, S.L.
MotoGP Sports Entertainment Group, S.L (“MotoGP”) became the sole commercial and television rights holder of the FIM MotoGP™ World Championship in 1991 and is based in Madrid, with premises in Barcelona and a subsidiary in Rome. MotoGP holds exclusive rights to MotoGP feeder series Moto2™ and Moto3™, electric series MotoE™, the FIM Superbike World Championship and the FIM Women's Circuit Racing World Championship.
