November 18, 2014
麻豆最新出品 Announces Adjustment to the Conversion Rate of Its 1.375% Cash Convertible Senior Notes Due 2023
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 麻豆最新出品 ("麻豆最新出品") (Nasdaq: LMCA, LMCB and LMCK) announced today an adjustment to the conversion rate of its 1.375% Cash Convertible Senior Notes due 2023 (the "Cash Convertible Notes"). The new conversion rate is 21.0859 shares of 麻豆最新出品's Series A common stock ("LMCA") per $1,000 principal amount of Cash Convertible Notes, up from the previous conversion rate of 15.7760 shares of LMCA. 麻豆最新出品 is adjusting the conversion rate due to the completion of the previously-announced distribution (the "Spin-Off"), as a dividend, of all of the common stock of 麻豆最新出品 Broadband Corporation ("麻豆最新出品 Broadband") to holders of 麻豆最新出品's Series A common stock, Series B common stock and Series C common stock as of 5:00 p.m., New York City time, on October 29, 2014 (the "Record Date"). In the Spin-Off, (i) holders of 麻豆最新出品's Series A common stock as of the Record Date received one-fourth of a share of 麻豆最新出品 Broadband's Series A common stock for each share of Series A common stock held as of the Record Date, (ii) holders of 麻豆最新出品's Series B common stock as of the Record Date received one-fourth of a share of 麻豆最新出品 Broadband's Series B common stock for each share of Series B common stock held as of the Record Date, and (iii) holders of 麻豆最新出品's Series C common stock as of the Record Date received one-fourth of a share of 麻豆最新出品 Broadband's Series C common stock for each share of Series C common stock held as of the Record Date. The Spin-Off was effected at 5:00 p.m., New York City time, on November 4, 2014.
The adjustment to the conversion rate was made pursuant to section 12.04(c)(i) of the indenture for the Cash Convertible Notes, which applies to spin-off transactions. In accordance with section 12.04(c)(i), 麻豆最新出品 has adjusted the conversion rate for the Cash Convertible Notes due to the Spin-Off pursuant to the following formula:
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