F1 X MGM Resorts Partnership (Issue #21)
Recent Updates:
Liberty Media Formula One (NASDAQ: FWONK — $31.41bn) is selling $20-$25 mm in tickets to the 2023 Las Vegas Grand Prix to MGM Resorts. MGM Resorts plans to make these part of Event and Hotel packages the highest of which will be sold for $100,000.
For the F1 fans here be ready for next Sunday when the 2022 Season resumes with one of my favorite tracks (Spa!).
In other Libert Media news, they just closed a $475 mm Private Offering of Convertible Senior Notes at 2.25%. The debt will come due in 2027. The notes will be converted into cash, FWONK common stock, or a combination of both. The notes will have a conversion rate of 11.6198 shares for every $1,000 in principle note amounts. This is a ~30% conversion premium from the share price when the notes were issued.
Trivia:
ANSWER:
Yellowstone Acquisition Company
Portfolio Update:
Coming Soon…
Stay tuned for Thursday when the third company in the Pillars And Profits Portfolio will be announced with a deep dive! After that, the Sunday Newsletter will include a “Portfolio Update” section.
One of the virtues of following a few high-quality companies that can seem “sleepy” when it comes to public news is that there is more time to pursue other things while the investments are compounding. This week I took some time to go sailing with the time freed by following these types of companies.
Insight Of The Week:
Meme Of The Week:
Thread Of The Week:
Until Thursday,
Soren
Disclaimer: Soren Peterson and Pillars And Profits Newsletter are not responsible for any investment results. This is not financial advice. Always do your own research.