Buzz-Formula 1 owner Liberty Media slips after $600 mln convertible bond sale
Use of proceeds and recent business updates
**FWONK shares edged down 0.1% on Mon after co announced the offering to pay cost of capped call transactions related to its 2.25% CBs due 2027, and for working capital and general purposes, including repayment of the 2027 CBs
**On Thurs, co said Formula 1 rev fell 38% yr/yr to $764 mln in Q2 due to four fewer races
**FWONK stock now up 3% YTD
**Avg rating of 12 analysts is "buy"; median PT $117.50, per latest LSEG data
Liberty Media shares slip after convertible bond pricing
**Formula 1 tracking stock FWONK.O tied to Liberty Media down 1.1% to $101.54 early Tues after capital raise secured
**Liberty Media early Tues announces pricing private offering of $600 mln 2.375% convertible bonds (CBs) due Aug. 15, 2032
**Conversion price of $138.68 is 35% premium to stock's last close of $102.73
