Qurate Retail Announces Semi-Annual Interest Payment & Regular Additional Distribution on 4.0% Senior Exchangeable Debentures...
November 15 2018 - 4:30PM
Business Wire
Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA,
QRTEB) today announced the payment of a semi-annual interest
payment and a regular additional distribution to the holders as of
November 1, 2018 of the 4.0% Senior Exchangeable Debentures due
2029 (the "Debentures") issued by its wholly-owned subsidiary,
Liberty Interactive LLC (“LI LLC”). The amount of the interest
payment is $20.00 per $1,000 original principal amount of
Debentures (a “Debenture”), and the amount of the additional
distribution is $0.8489 per Debenture.
Under the Indenture for the Debentures, the original principal
amount of the Debentures is reduced by 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 4.0% 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 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, LI
LLC made an Extraordinary Additional Distribution of $63.0960 per
$1,000 original principal amount of the Debentures 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 4.0% 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 announced today, its
allocation between payment of interest and repayment of principal
and the revised adjusted principal amount resulting from such
payment, per $1,000 original principal amount of the
Debentures:
November 15, 2018 BeginningAdjusted
Principal
TotalPayment
Interest
Additional Paymentof Principal
November 15, 2018 EndingAdjusted
Principal
$924.5944 $20.0000
$18.4919 $1.5081
$923.0863
LI LLC is also making a regular additional distribution of
$0.8489 per Debenture, attributable to the quarterly cash dividends
paid by CenturyLink Inc. of $0.54 per share on both June 15, 2018
and September 14, 2018. The regular additional distribution will
not result in an adjustment to the adjusted principal amount of the
Debentures.
The semi-annual interest payment and regular additional
distribution are expected to be paid on November 15, 2018 to
holders of record of the Debentures on November 1, 2018.
About Qurate Retail, Inc. (formerly Liberty Interactive
Corporation)
Qurate Retail, Inc. operates and owns interests in a broad range
of digital commerce businesses. Qurate Retail, Inc.’s businesses
and assets consist of its subsidiaries QVC, Inc., HSN, Inc., and
zulily, llc (collectively, the Qurate Retail Group) as well as its
interest in FTD, among other things.
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version on businesswire.com: https://www.businesswire.com/news/home/20181115005692/en/
Qurate Retail, Inc.Courtnee Chun, 720-875-5420
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