Liberty Announces Quarterly Interest Payment on 1.0% Senior Exchangeable Debentures Due 2043
April 02 2018 - 4:30PM
Business Wire
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty
Interactive Corporation (Nasdaq: QRTEA, QRTEB), announced the
payment today of a quarterly interest payment to the holders, as of
March 15, 2018, of its 1.0% Senior Exchangeable Debentures due 2043
(the "Debentures"). The amount of the quarterly interest payment is
$2.50 per $1,000 original principal amount of Debentures. As of
March 31, 2018, 900 Debentures remained outstanding in the
aggregate adjusted principal amount of $775,194, 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
Extraordinary Additional Distribution made to holders of the
Debentures. 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 1.0% 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 a reduction 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, Liberty has made one Extraordinary Additional
Distribution to holders of the Debentures. On March 19, 2015,
Liberty made an Extraordinary Additional Distribution of $134.5800
per $1,000 original principal amount of the Debenture resulting
from the declaration and payment by HSN, Inc. (“HSNi”) of a special
cash dividend of $10.00 per share to HSNi shareholders of record as
of February 9, 2015.
Reductions 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 1.0% 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:
March 31, 2018Beginning
AdjustedPrincipal
Payment Interest
Payment ofPrincipal
March 31, 2018Ending AdjustedPrincipal
$861.6725 $2.50 $2.1542
$0.3458 $861.3267
As a result of the previously announced acquisition by Liberty
of the 62% of HSN, Inc. it did not already own in an all-stock
transaction, the reference shares underlying the Debentures now
consist of shares of Liberty Series A QRTE Common Stock, and each
$1,000 original principal amount of the Debentures is exchangeable
for 22.2057 shares of Series A QRTE Common Stock, or cash or a
combination of Liberty Series A QRTE Common Stock and cash having
an equivalent value.
About Liberty Interactive LLC
Liberty Interactive LLC is an intermediate subsidiary of Liberty
Interactive Corporation (which was rebranded as Qurate Retail
Group), owning interests in a broad range of digital commerce
businesses.
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Liberty Interactive CorporationCourtnee Chun,
720-875-5420
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