Liberty Media's MotoGP unit refinances €1.1 billion in debt facilities

Liberty Media Corporation (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) announced that its subsidiary Dorna Sports, which operates MotoGP, completed a refinancing of its debt facilities on August 18, 2025.

MotoGP refinanced three debt instruments with extended maturities and reduced interest rates. The company replaced a €975 million Term Loan B maturing in March 2029 with an €800 million facility maturing in August 2032. A €150 million Term Loan A was refinanced with a $232.5 million facility extending the maturity from September 2028 to August 2030. The €100 million revolving credit facility was renewed with the same amount but extended maturity to August 2030.

The refinancing reduced total debt by €125 million, funded through MotoGP's cash reserves. Following the transaction, MotoGP holds approximately $187 million in cash and liquid investments with $1.2 billion in principal debt, based on June 30, 2025 figures and exchange rates at that date.

Interest rate margins were reduced across all facilities. The Term Loan B margin decreased from 3.25% to 2.75% over EURIBOR, while the Term Loan A margin dropped from 2.50% to 1.75% over Term SOFR. The revolving credit facility margin was cut from 2.50% to 2.25%.

MotoGP's net senior secured leverage ratio stands at 5.2x as of June 30, 2025, adjusted for the refinancing. The debt facilities remain non-recourse to Liberty Media and are attributed to the company's Formula One Group tracking stock.

Dorna Sports serves as the exclusive commercial rights holder for the FIM MotoGP World Championship and related motorcycle racing series.

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