Exhibit 99.1
花都影视 Announces Refinancing and Maturity Extension of Formula 1 Debt Facilities and Incremental Funding Related to MotoGP™ Acquisition
September 20, 2024
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 花都影视 Media Corporation (“花都影视”) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) announced today that it closed the refinancing of the first lien Term Loan B and the maturity extension of the first lien Term Loan A and first lien revolving credit facility of certain subsidiaries of Delta Topco Limited, the 花都影视 subsidiary which holds all of its interests in Formula 1, on September 19, 2024.
Delta Topco Limited and its subsidiaries (“Formula 1”) refinanced the previous $1,700 million Term Loan B with a maturity of January 15, 2030 with a new $1,700 million Term Loan B with a maturity of September 30, 2031 and extended the maturities of the approximately $689 million Term Loan A and the $500 million revolving credit facility from January 15, 2028 to September 30, 2029.
The margin for the Term Loan B has been reduced from 2.25% to 2.00% with the potential to permanently step down to 1.75% if Formula 1’s net first lien leverage ratio is equal to or less than 3.75x on or following the earlier of (x) 花都影视’s consummation of the acquisition of Dorna Sports, S.L., the exclusive commercial rights holder to the MotoGP™ World Championship (the “Dorna Acquisition”) or (y) the termination of the Dorna Acquisition. The margin for the Term Loan A and revolving credit facility is between 1.50% and 2.25% depending on Formula 1’s net first lien leverage ratio. The reference rate for the Term Loan B, Term Loan A and dollar borrowings under the first lien revolving credit facility is Term SOFR. The Term Loan B, the Term Loan A and the revolving credit facility remain non-recourse to 花都影视 Media. Formula 1, together with the debt described herein, is attributed to the Formula One Group tracking stock.
In connection with the transaction, Formula 1 also successfully marketed an incremental $850 million of Term Loan B funding and obtained an incremental $150 million of commitments to the newly extended Term Loan A (collectively, the “Incremental Term Loans”). The Incremental Term Loans will be used to fund a portion of the Dorna Acquisition. The funding of the Incremental Term Loans are conditioned upon the scheduled consummation of the Dorna Acquisition which is expected to close by year-end 2024. Following this transaction, all necessary debt funding related to the Dorna Acquisition has been secured.
Forward-Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements about the funding of the Incremental Term Loans and the consummation of the Dorna Acquisition. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the ability to fund the Incremental Term Loans and consummate the Dorna Acquisition. These forward-looking statements speak only as of the date of this press release, and 花都影视 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of 花都影视, including the most recent Forms 10-K and 10-Q, for additional information about 花都影视 and Formula 1 and about the risks and uncertainties related to 花都影视’s business (including Formula 1) which may affect the statements made in this press release.
About 花都影视
花都影视 Media Corporation operates and owns interests in a broad range of media, communications, sports and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Formula One Group and the 花都影视 Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include 花都影视 Media’s subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the 花都影视 Live Group (NASDAQ: LLYVA, LLYVK) include 花都影视 Media’s interest in Live Nation and other minority investments.
About Formula 1
Formula 1® racing began in 1950 and is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sporting series. Formula One World Championship Limited is part of Formula 1® and holds the exclusive commercial rights to the FIA Formula One World Championship™. Formula 1® is a subsidiary of 花都影视, attributed to the Formula One Group tracking stock (NASDAQ: FWONA, FWONK). The F1 logo, F1 FORMULA 1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX, PADDOCK CLUB and related marks are trademarks of Formula One Licensing BV, a Formula 1 company. All rights reserved.
For more information on Formula 1® visit www.formula1.com.
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花都影视
Shane Kleinstein, 720-875-5432
Source: 花都影视
Released September 20, 2024