Liberty Announces Payment of Semi-Annual Interest Payment & Additional Distribution on 4.0% Senior Exchangeable Debentures Du...
November 15 2016 - 4:15PM
Business Wire
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty
Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB),
announces a semi-annual interest payment and additional
distribution to the holders of its 4.0% Senior Exchangeable
Debentures due 2029 (the "Debentures"). The amount of the
semi-annual 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
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 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 distribution.
To date, there has been one extraordinary distribution to
holders of the Debentures. On August 7, 2013, Liberty made an
extraordinary distribution of $63.0960 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 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 the
payment, per $1,000 original principal amount of the
Debentures:
November 15, 2016Beginning Adjusted
Principal
TotalPayment
Interest
Additional Paymentof Principal
November 15, 2016Ending Adjusted
Principal
$930.3369 $20.0000 $18.6067 $1.3933
$928.9436
The additional distribution of $0.8489 per Debenture announced
today is attributable to the quarterly cash dividends paid by
CenturyLink Inc. on 6/14/16 and 9/16/16. The additional
distribution will not result in an adjustment to the adjusted
principal amount of the Debentures.
The semi-annual interest payment and additional distribution are
expected to be paid on November 15, 2016 to holders of record of
the Debentures on November 1, 2016.
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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