Liberty Announces Semi-Annual Interest Payment & Regular Additional Distribution on 3.75% Senior Exchangeable Debentures Due ...
February 15 2018 - 4:30PM
Business Wire
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty
Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB),
announces a semi-annual interest payment and a regular additional
distribution to the holders of its 3.75% Senior Exchangeable
Debentures due 2030 (the "Debentures"). The amount of the interest
payment is $18.75 per $1,000 original principal amount of
Debentures, and the amount of the additional distribution is
$0.62056 per Debenture.
Under the Indenture for the Debentures, the original principal
amount of the Debentures is adjusted in an amount equal to each
extraordinary additional distribution made to holders of the
Debentures. Thereafter, the adjusted principal amount is further
reduced on each successive semi-annual interest payment date to the
extent necessary to cause the semi-annual interest payment to
represent the payment of an annualized yield of 3.75% of the
adjusted principal amount. This latter adjustment, to the extent it
is made by reason of a particular extraordinary additional
distribution that results in an adjustment to the principal amount
of the Debentures, takes effect on the second succeeding interest
payment date after the payment of that extraordinary additional
distribution.
To date, there has been one extraordinary additional
distribution to holders of the Debentures. On August 7, 2013,
Liberty made an extraordinary additional distribution of $46.1258
per $1,000 original principal amount of Debenture arising from the
merger transaction between Sprint Nextel Corporation and SoftBank
Corp.
Adjustments to the principal amount of the Debentures do not
affect the amount of the semi-annual interest payments received by
holders of the Debentures, which will continue to be a rate equal
to 3.75% per annum of the original principal amount of the
Debentures. Below is a detail of the amount of the semi-annual
interest payment being made on the Debentures, its allocation
between payment of interest and repayment of principal and the
revised adjusted principal amount resulting from the payment, per
$1,000 original principal amount of the Debentures:
February 15, 2018BeginningAdjusted
Principal
TotalPayment
Interest
Additional Paymentof Principal
February 15, 2018Ending
AdjustedPrincipal
$946.4838
$18.7500
$17.7466 $1.0034
$945.4804
Liberty is also making a regular additional distribution of
$0.62056 per Debenture, attributable to the quarterly cash
dividends paid by CenturyLink Inc. on 9/15/17 and 12/11/17. The
regular additional distribution will not result in an adjustment to
the principal amount of the Debentures.
The semi-annual interest payment and regular additional
distribution are expected to be made on February 15, 2018 to
holders of record of the Debentures on February 1, 2018.
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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