Liberty Signs Deal with Grupo Prisa
Posted March 08, 2010 4:39PM PST

Liberty Acquisition Holdings Corp., the first and only SPAC to raise more than $1 billion in its initial public offering, said Friday that it reached a definitive agreement with Spanish media conglomerate Grupo Prisa for a cash investment of up to $900 million.

Liberty's shares closed today at $9.92, above its per-share trust value of $9.88. Warrants ended the day at $1.02.

On top of the $900 million investment of cash from Liberty's trust account, Grupo Prisa will raise €150 million ($205.2 million) in a rights offering to its shareholders.

Liberty shareholders will receive a combination of Grupo Prisa common stock and non-voting convertible shares. Each Liberty share will be exchanged for about 1.5 common shares and about one-third of a convertible share.

The convertible shares have a 7% annual cash coupon and convert at €4.50. Grupo Prisa's common shares closed today at €3.07.

Warrant holders will receive $1.04 in cash, about 0.16 of a Grupo Prisa common share, and about 0.04 of a convertible share.

Source: Investor Presentation

Correction: A previous version of this article, missated the details of Grupo Prisa's financing plans.


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