Liberty Announces Quarterly Interest Payment & Excess Regular Cash Dividend Amount on 0.75% Senior Exchangeable Debentures Du...
January 02 2017 - 4:15PM
Business Wire
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty
Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB),
announced the payment today of a quarterly interest payment to the
holders, as of December 15, 2016, of its 0.75% Senior Exchangeable
Debentures due 2043 (the "Debentures"). The amount of the quarterly
interest payment is $1.875 per $1,000 original principal amount of
Debentures. As of December 30, 2016, 2,060 Debentures remained
outstanding in the aggregate adjusted principal amount of $789,517,
after giving effect to today’s quarterly interest payment.
Under the Indenture for the Debentures, the original principal
amount of the Debentures is reduced in an amount equal to each
additional distribution made to holders of the Debentures
attributable to an extraordinary distribution that is made on
reference shares. Thereafter, the adjusted principal amount is
further reduced on each successive quarterly interest payment date
to the extent necessary to cause the quarterly interest payment to
represent the payment of an annualized yield of 0.75% of the
adjusted principal amount. This latter adjustment, to the extent it
is made by reason of a particular additional distribution that
results in a reduction to the principal amount of the Debentures,
takes effect on the second succeeding interest payment date after
the payment of that additional distribution.
To date, Liberty has made one additional distribution that was
attributable to an extraordinary distribution made on reference
shares. On June 16, 2016, Liberty made an additional distribution
of $614.4332 per $1,000 original principal amount of the Debentures
attributable to the extraordinary cash distribution made to former
holders of common stock of Time Warner Cable, Inc. (“TWC”) on May
18, 2016, in connection with the mergers involving Charter
Communications, Inc. and TWC (the “Charter/TWC Merger”). The
additional distribution was based on the “average transaction
consideration’’ paid in the Charter/TWC Merger, as that term is
defined in the Indenture for the Debentures.
Adjustments to the principal amount of the Debentures do not
affect the amount of the quarterly interest payments received by
holders of the Debentures, which will continue to be a rate equal
to 0.75% per annum of the original principal amount of the
Debentures. Below is a detail of the amount of the quarterly
interest payment being made on the Debentures, its allocation
between payment of interest and repayment of principal and the
revised adjusted principal amount of the Debentures resulting from
such payment, per $1,000 original principal amount of the
Debentures:
December 30, 2016Beginning
AdjustedPrincipal
Payment Interest
Payment ofPrincipal
December 30, 2016Ending
AdjustedPrincipal
$384.4147 $1.875 $0.7208 $1.1542 $383.2605
Liberty also announced the payment today, to holders of the
Debentures as of December 15, 2016, of an additional distribution
of $2.2009 per Debenture, which is attributable to the regular
quarterly dividends paid by Time Warner Inc. of $0.4025 and by Time
Inc. of $0.1900, each on December 15, 2016. Payments of additional
distributions attributable to regular cash dividends do not result
in a reduction to the principal amount of the Debentures.
About Liberty Interactive LLC
Liberty Interactive LLC is an intermediate subsidiary of Liberty
Interactive Corporation, owning interests in a broad range of
electronic retailing, media, communications, and entertainment
businesses.
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Liberty Interactive CorporationCourtnee Chun, 720-875-5420
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