Liberty Announces Quarterly Interest Payment and Regular Cash Dividend Amount on 0.75% Senior Exchangeable Debentures Due 2043
March 30 2018 - 3:30PM
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 0.75% Senior Exchangeable Debentures due
2043 (the "Debentures"). The amount of the quarterly interest
payment is $1.875 per $1,000 original principal amount of
Debentures. As of March 30, 2018, 1,116 Debentures remained
outstanding in the aggregate adjusted principal amount of $407,917,
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 that is 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 0.75% 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 two Extraordinary Additional
Distributions to holders of the Debentures. On June 16, 2016,
Liberty made an Extraordinary Additional Distribution (the “TWC
Extraordinary Additional Distribution”) of $614.4332 per $1,000
original principal amount of the Debentures attributable to the
cash distribution made to former holders of common stock of Time
Warner Cable, Inc. (“TWC”) on May 18, 2016, in connection with the
mergers involving Charter Communications, Inc. and TWC (the
“Charter/TWC Merger”). The TWC Extraordinary Additional
Distribution was based on the “average transaction consideration”
paid in the Charter/TWC Merger, as that term is defined in the
Indenture for the Debentures. On March 1, 2018, Liberty made an
Extraordinary Additional Distribution of $11.9399 per $1,000
original principal amount of Debentures attributable to the cash
consideration of $18.50 per share paid to former holders of common
stock of Time Inc. (“Time”) on January 31, 2018, in connection with
the acquisition of Time by Meredith Corporation.
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 0.75% 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 30, 2018Beginning
AdjustedPrincipal
Payment Interest
Payment ofPrincipal
March 30, 2018Ending AdjustedPrincipal
$366.6821 $1.875 $0.7099
$1.1651 $365.5170
Liberty also announced the payment today, to holders of the
Debentures as of March 15, 2018, of an additional distribution of
$2.0783 per Debenture, which is attributable to the regular
quarterly dividends paid by Time Warner Inc. of $0.4025 on February
2, 2018. Payments of additional distributions attributable to
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 (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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