Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001140361-25-005132
Chunk: 5

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 5
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 utilized and relied upon the number of issued and outstanding shares of Charter and Liberty Broadband (approximately 163 million and 144 million, respectively, fully diluted shares calculated using the treasury stock method)provided by, or approved for its use by, the management of Charter. The first full paragraph on page 100 is amended and restated as follows: To derive an estimate Adjusted NAVs for Liberty Broadband (excluding its interest in GCI), Citi then: (i) added the values of the Liberty Broadband’s share interest in Charter it calculated based on both the Unaffected Share Price and the Pre-Announcement Share Price for the Charter Class A common stock, (ii) subtracted Liberty Broadband’s corporate debt of $2,615 million based on the September 30, 2024 balance sheet for Liberty Broadband, (iii) added $125 million, reflecting Liberty Broadband’s cash and cash equivalents based on the September 30, 2024 balance sheet for Liberty Broadband, adjusted for cash proceeds on a tax-effected basis from sales of Charter Class A common stock to Charter occurring after September 30, 2024, (iv) subtracted $82 million, reflecting the net present value (discounted to September 30, 2024 based on a discount rate selected by Citi of 7.0% (reflecting the midpoint of Citi’s estimated range of Charter’s weighted average cost of capital derived using the capital asset pricing model, based on Citi’s professional judgment and experience)) of certain corporate overhead expense for the period from October 1, 2024 to June 30, 2027 (an estimated closing date for the combination provided by Charter) and tax assets, each as provided by Liberty Broadband (and approved for Citi’s use by Charter), (v) subtracted estimated breakage costs of $68 million (based on the Unaffected Share Price for the Charter Class A common stock) and $173 million (based on the Pre-Announcement Share Price for the Charter Class A common stock) attributable to the retirement of certain exchangeable debentures, (vi) subtracted $180 million, reflecting the face amount of the outstanding Liberty Broadband preferred stock, (vii) added $58 million, reflecting an estimate of value attributable to Liberty Broadband’s stake in comScore based on the consideration paid for the stake (as provided by Liberty Broadband and approved for Citi’s use by Charter), and (viii) subtracted $212