20 Sep Formula One Credit Agreement
«As of December 31, 2019, Formula 1 had a significant cash margin of approximately $900 million, consisting of a cash stock of $400 million and an unused revolving credit facility of $500 million,» the agency said. ENGLEWOOD, Colo.-(BUSINESS WIRE)-Liberty Media Corporation («Liberty») (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) today announced its intention to proceed with a refinancing process for the first $3,302 million mortgage of certain subsidiaries of Delta Topco Limited, Liberty`s subsidiary, which holds all of its shares in Form 1, the legendary world activity of motorsport, to open the procedure. The amendment was made to the Net Leverage Financial Covenant as part of the Facility Agreement, which regulates the first $2,902 million pawn loan and the $500 million revolving credit facility for the first Formula 1 mortgage. The amendment provides that, subject to certain additional conditions being met by Formula 1, the net debt financing pact will only apply on 1 January 2022. Formula 1`s submissions state that it «may be required to repay its credit facilities upon arrival at certain events and Formula 1 cannot give any assurance that it will be able to finance such a repayment. Failure to comply with an obligation to repay credit facilities would result in a default that could have a significant negative impact on Formula 1 and the Formula 1 group. There is no indication that this will happen, however, as Formula 1 has a few tricks under the hood to get around the danger. Other factors were the date of renewal of the television contracts and the outcome of discussions for the extension of the confidential commercial agreement «Concorde» with the teams and the board of directors, which expires at the end of 2020. . .