Liberty Broadband Corporation, a Delaware-based company, has announced a significant corporate reorganization as part of its spin-off of GCI Liberty, Inc., a Nevada corporation. As part of this reorganization, Liberty Broadband will transfer certain assets, including full ownership of GCI, LLC, to GCI Liberty in exchange for shares of GCI Liberty stock. A key component of this transaction includes the issuance and sale of 10,000 shares of GCI Liberty's 12% Series A Cumulative Redeemable Non-Voting Preferred Stock to Janus Henderson Income ETF and Janus Henderson Multi-Sector Income Fund for $10 million. This transaction is contingent upon the absence of legal prohibitions and the completion of the internal reorganization. Additionally, GCI Liberty will file a Certificate of Designations with Nevada's Secretary of State to outline the rights and privileges of the preferred shares, which are subject to mandatory redemption seven years post-issuance.
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