(Bloomberg) -- Banks led by Goldman Sachs Group Inc. launched an $850 million leveraged loan to help fund Formula 1 owner Liberty Media Corp.’s acquisition of MotoGP World Championship, according to a person familiar with the matter.
A lender call was held at 2 p.m. New York time Tuesday and commitments are due Friday, the person said, asking not to be identified because the information is private. Initial discussions call for a spread 200 basis points over the Secured Overnight Financing Rate offered at a discounted price of 99.5 to 99.75 cents on the dollar.
Goldman Sachs and Liberty Media declined to comment.
Formula 1’s leveraged loan offering is one of multiple deals financing acquisitions to hit the market Tuesday as bankers and issuers look to get such transactions done in a post-Labor Day blitz. A combined $2.05 billion of leveraged loans also launched Tuesday to finance the buyout of educational software company Instructure Holdings Co.
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Liberty Media announced in April that it would buy motorcycle racing league MotoGP from Bridgepoint and the Canada Pension Plan Investment Board in a $3.8 billion transaction. The deal was to be funded by a combination of cash and shares. The company said it expects the transaction to close by the end of 2024.
(Updates with price talk in the second paragraph.)
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