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Liberty Media Moves to Bolster Formula One With Reallocation

April 23, 2020 admin Comments Off on Liberty Media Moves to Bolster Formula One With Reallocation

(Bloomberg) — John Malone’s Liberty Media Corp. moved to shore up its Formula One Group auto-racing unit, shifting some assets among Liberty’s wide variety of properties and injecting more cash into the division.The holding company reattributed $1.5 billion in net asset value to Formula One from Liberty SiriusXM Group, the satellite-radio operator, and reattributed another $1.5 billion in net asset value to Liberty SiriusXM from Formula One, according to a statement Thursday.Though the equal allocations make it look like an even deal for the two units, the mix favors Formula One. Liberty shifted Formula One’s entire stake in troubled Live …read more […]

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Delta Air Lines Seeks $3 Billion in Bonds, Loan on Shutdown

April 23, 2020 admin Comments Off on Delta Air Lines Seeks $3 Billion in Bonds, Loan on Shutdown

(Bloomberg) — Delta Air Lines Inc. is seeking to raise $3 billion from loans and bonds as it grapples with a global travel shutdown caused by the coronavirus pandemic.The company is offering five-year bonds to investors at a yield of about 7%, according to people familiar with the matter. Delta is also seeking a term loan under the plan, and the financing would be evenly split between the two, the company said late Wednesday.The debt will be secured by collateral including domestic slots at New York airports and those at Heathrow in London as well as other European and Latin …read more […]

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Blackstone’s Earnings Hit With Asset Values Plunging in Rout

April 23, 2020 admin Comments Off on Blackstone’s Earnings Hit With Asset Values Plunging in Rout

(Bloomberg) — Blackstone Group Inc. saw asset values across most of its business segments plunge in the first quarter because of the economic fallout from the coronavirus.Reflecting the speed of the turmoil caused by the pandemic, the declines come just months after private equity managers said they were struggling to do deals because prices were too high. Despite the declines, which mirrored the fall in public markets, the firm’s leadership struck a bullish tone.“We built a business that’s designed to ride through a difficult environment,” Jonathan Gray, president of the firm, said in an interview. “Blackstone ultimately emerged much stronger …read more […]

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Expedia Grabs $3.2 Billion in Private Equity Financing and Appoints Peter Kern CEO

April 23, 2020 admin Comments Off on Expedia Grabs $3.2 Billion in Private Equity Financing and Appoints Peter Kern CEO

Expedia Group on Thursday said it appointed Peter Kern CEO, secured $3.2 billion in financing from two prominent private equity companies, and announced that it will be implementing furloughs and reduced work hours. The company also stated that it will be eliminate issuing dividends to shareholders until its business recovers from the coronavirus crisis. Kern, […] …read more […]