Liberty Media (Nasdaq: FWONA) reprices and trims MotoGP debt

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Liberty Media Corporation reported that its subsidiary MotoGP Sports Entertainment Group has closed a repricing of its senior secured debt facilities. MotoGP replaced its previous €800 million Term Loan B with a new €720 million Term Loan B due August 18, 2032, and its prior $231 million Term Loan A with a new $209 million Term Loan A due August 18, 2030. MotoGP also refinanced its existing €100 million multicurrency revolving credit facility with a new €100 million facility maturing on August 18, 2030. The net reduction of approximately $114 million equivalent was funded with cash on MotoGP’s balance sheet. On a pro forma basis as of March 31, 2026, MotoGP reports about $72 million of cash and liquid investments, principal debt of $1,037 million, and a net senior secured leverage ratio of 4.6x. The current margin on the Term Loan B has been cut from 2.50% to 2.25%, with a new range of 2.00% to 2.25% over EURIBOR, while the Term Loan A and revolving credit facility retain current margins of 1.50% and 2.00% respectively, each now with tighter step-down ranges based on MotoGP’s leverage. All three facilities remain non-recourse to Liberty Media.

Insights

MotoGP trims debt, lowers pricing, and maintains long maturities.

The repricing shifts MotoGP’s capital structure to slightly lower borrowings and interest costs while preserving long-dated maturities. Term Loan B falls from €800 million to €720 million and Term Loan A from $231 million to $209 million, funded with on‑balance‑sheet cash.

Pro forma as of March 31, 2026, MotoGP holds about $72 million of cash and liquid investments against $1,037 million of principal debt, implying a net senior secured leverage ratio of 4.6x. Margin cuts on Term Loan B, and tighter grids on all facilities, may modestly reduce interest expense if leverage improves.

The facilities remain non‑recourse to Liberty Media, so credit risk is structurally ring‑fenced at MotoGP. Future disclosures tied to MotoGP’s leverage tests and utilization of the multicurrency revolver will help clarify how much benefit Liberty ultimately sees from this repricing over time.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

New Term Loan B: €720 million New Term Loan A: $209 million Revolving credit facility: €100 million +5 more

8 metrics

New Term Loan B €720 million First lien Term Loan B due August 18, 2032

New Term Loan A $209 million First lien Term Loan A due August 18, 2030

Revolving credit facility €100 million Multicurrency revolver due August 18, 2030

Net debt reduction $114 million equivalent Reduction under MotoGP debt facilities funded with cash

Pro forma cash $72 million Cash and liquid investments as of March 31, 2026

Pro forma principal debt $1,037 million Principal amount of MotoGP debt as of March 31, 2026

Net senior secured leverage 4.6x MotoGP leverage ratio as of March 31, 2026

Term Loan B margin 2.25% Current margin over EURIBOR after repricing

Key Terms

repricing, Term Loan B, multicurrency revolving credit facility, net senior secured leverage ratio, +1 more

5 terms

repricing financial

"announced today that MotoGP Sports Entertainment Group, S.L. (“MotoGP”) closed the repricing of its first lien Term Loan B"

Term Loan B financial

"MotoGP repriced the previous €800 million Term Loan B with a maturity of August 18, 2032"

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.

multicurrency revolving credit facility financial

"the previous €100 million multicurrency revolving credit facility with a maturity of August 18, 2030"

A multicurrency revolving credit facility is a bank line of credit that lets a company borrow, repay and borrow again up to a set limit in more than one currency, much like a business credit card that works in different countries. It matters to investors because it provides short‑term cash flexibility, helps manage currency needs and interest costs, and reduces the risk of running short of funds — all of which affect a company’s liquidity and financial stability.

net senior secured leverage ratio financial

"MotoGP’s net senior secured leverage ratio as of March 31, 2026 as defined in its credit facility"

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.

Regulation FD regulatory

"being furnished to the Securities and Exchange Commission in satisfaction of the public disclosure requirements of Regulation FD"

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

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Understanding 8-K Material Events →

Available on EDGAR 06/18/2026 - 04:07 PM Accepted by SEC EDGAR 06/18/2026 - 04:06 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): June 17, 2026

LIBERTY MEDIA CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

001-35707

37-1699499

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

12300 Liberty Blvd.

Englewood, Colorado 80112

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (720) 875-5400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

T
Title of each class	Trading Symbol	Name of each exchange on which registered
Series A Common Stock	FWONA	The Nasdaq Stock Market LLC
Series C Common Stock	FWONK	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

On June 17, 2026, Liberty Media Corporation (the “Company”) announced the closing of the repricing of the first lien Term Loan B, first lien Term Loan A and first lien revolving credit facility of MotoGP Sports Entertainment Group, S.L., a private limited company incorporated in Spain and an indirect subsidiary of the Company.

This Item 7.01 and the press release furnished herewith as Exhibit 99.1 are being furnished to the Securities and Exchange Commission in satisfaction of the public disclosure requirements of Regulation FD and shall not be deemed “filed” for any purpose.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.		Description
99.1		Press Release, dated June 17, 2026.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 18, 2026


	LIBERTY MEDIA CORPORATION


	By:	/s/ Brittany A. Uthoff
		Name: Brittany A. Uthoff
		Title: Vice President and Assistant Secretary

Exhibit 99.1

Liberty Media Corporation Announces Closing of Repricing of MotoGP™ Debt Facilities

June 17, 2026

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.

Source: Liberty Media Corporation

Source: MotoGP Sports Entertainment Group, S.L.

Liberty Media Corporation – Investor Contact

Hooper Stevens, +1 720-875-5406

MotoGP Sports Entertainment Group, S.L. – Media Contact

Michael Gibson, michaelgibson@motogp.com

Source: Liberty Media Corporation and MotoGP Sports Entertainment Group, S.L.

Source: View Original Filing on SEC EDGAR

FAQ

What debt facilities did Liberty Media’s MotoGP subsidiary reprice?

MotoGP repriced its first lien Term Loan B, first lien Term Loan A, and first lien multicurrency revolving credit facility. These facilities are senior secured borrowings at MotoGP, which is Liberty Media’s subsidiary and the exclusive commercial rights holder of the FIM MotoGP World Championship.

How did MotoGP’s loan amounts change in Liberty Media’s 8-K?

MotoGP replaced an €800 million Term Loan B with a new €720 million Term Loan B and a $231 million Term Loan A with a new $209 million Term Loan A. The revolving credit facility remains at €100 million but is now under the repriced structure with the same maturity date.

What is MotoGP’s pro forma debt and cash after the repricing?

Based on MotoGP’s March 31, 2026 balance sheet, pro forma for the repricing, MotoGP has approximately $72 million of cash and liquid investments and principal debt of $1,037 million. This reflects the net $114 million equivalent debt reduction funded from MotoGP’s own cash resources.

What is MotoGP’s net senior secured leverage ratio after the transaction?

MotoGP’s net senior secured leverage ratio is 4.6x as of March 31, 2026, pro forma for the repricing. This ratio is calculated as defined in MotoGP’s credit facility and helps determine the applicable interest margin ranges on its term loans and revolving credit facility.

How did interest margins change on MotoGP’s Term Loan B, Term Loan A, and revolver?

The Term Loan B margin was reduced from 2.50% to 2.25%, with a new range of 2.00% to 2.25% over EURIBOR. Term Loan A’s current margin remains 1.50% with a new 1.25%–1.50% range, while the revolver’s 2.00% margin now sits in a 1.50%–2.00% range depending on MotoGP’s leverage.

Are MotoGP’s repriced debt facilities recourse to Liberty Media Corporation (FWONA)?

The Term Loan B, Term Loan A, and multicurrency revolving credit facility are non‑recourse to Liberty Media. This means lenders have claims only on MotoGP and its pledged assets, rather than on Liberty Media’s broader corporate balance sheet or other operating subsidiaries.

Filing Exhibits & Attachments

5 documents

Press Releases

EX-99.1 EX-99.1 9.0 KB

Liberty Media (Nasdaq: FWONA) reprices and trims MotoGP debt

Rhea-AI Filing Summary

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