On March 20, 2026, Liberty Live Holdings, Inc. announced the successful closing of a privately negotiated exchange of its outstanding 2.375% Exchangeable Senior Debentures due 2053 for newly issued debentures of the same type. This transaction involved the issuance of approximately $1.116 billion in new debentures, effectively replacing an equal amount of the old debentures. The new debentures will bear interest at a rate of 2.375% per annum and are set to mature on September 30, 2053. Interest will be payable quarterly, starting March 31, 2026. The exchange is expected to enhance the company's liquidity position by reducing its debt obligations. As of the exchange date, approximately $34 million of the old debentures remain outstanding. The new debentures are unsecured senior obligations of the company, and upon exchange, the company will deliver cash equivalent to the value of shares of Live Nation Entertainment, Inc. common stock attributable to the new debentures. The initial exchange price is approximately $104.91 per share, with about 10.5 million shares of Live Nation common stock initially attributable to the new debentures. This strategic move is anticipated to strengthen Liberty Live Holdings' financial flexibility and support its ongoing operational strategies.

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