Liberty announces Semi-Annual Interest Payment & Excess Regular Cash Dividend Amount on 3.5% Senior Exchangeable Debentures D...
July 15 2015 - 3:15PM
Business Wire
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty
Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB),
announced a semi-annual interest payment to the holders of its 3.5%
Senior Exchangeable Debentures due 2031 (the "Debentures"). The
amount of the payment is $17.50 per $1,000 original principal
amount of Debentures.
Under the Indenture for the Debentures, the original principal
amount of the Debentures is adjusted 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 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 3.5% 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 have been two extraordinary distributions to
holders of the Debentures. On January 10, 2007, Liberty made an
extraordinary distribution of $162.6160 per $1,000 original
principal amount of Debenture arising from Freescale
Semiconductor’s going private transaction. On June 20, 2012,
Liberty made an extraordinary distribution of $184.0960 per $1,000
original principal amount of Debenture arising from the acquisition
of Motorola Mobility Holdings, Inc. by Google.
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 3.5% 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 such payment, per
$1,000 original principal amount of the Debentures:
July 15, 2015BeginningAdjusted
Principal
Payment Interest
AdditionalPayment ofPrincipal
July 15, 2015Ending AdjustedPrincipal
$584.5803 $17.50 $10.2302
$7.2698 $ 577.3105
Liberty is also making an excess regular cash dividend amount
distribution of $0.6312 per Debenture, attributable to the
quarterly dividends paid by Motorola Solutions Inc. on 4/15/15 and
7/15/15. Payments of excess regular cash dividend amounts do not
result in adjustments to the principal amount of the
Debentures.
The semi-annual interest payment and excess regular cash
dividend amount distribution are expected to be made on July 15,
2015 to holders of record of the Debentures on July 1, 2015.
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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