Liberty Announces Quarterly Interest Payment & Excess Regular Cash Dividend Amount on 1.0% Senior Exchangeable Debentures Due...
31 Marzo 2016 - 2:15PM
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 March 15, 2016, 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.
Under the Indenture for the Debentures, the original principal
amount of the Debentures is reduced in an amount equal to each
extraordinary 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 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 distribution.
To date, Liberty has made one extraordinary distribution to
holders of the Debentures. On March 19, 2015, Liberty made an
extraordinary 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, 2016BeginningAdjusted
Principal
Payment Interest
Payment ofPrincipal
March 31, 2016Ending AdjustedPrincipal
$864.4082 $2.50 $2.1610 $0.3390
$864.0692
Liberty also announced the payment today, to holders of the
Debentures as of March 15, 2016, of an additional distribution of
$2.2879 per Debenture, which is attributable to the portion of the
quarterly dividend paid by HSNi on March 23, 2016 in excess of
$0.18 per share. Payments of additional distributions attributable
to “excess” 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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