Qurate Retail Announces Quarterly Interest Payment & Regular Cash Dividend Amount on 0.75% Senior Exchangeable Debentures Due...
October 01 2018 - 3:30PM
Business Wire
Qurate Retail, Inc. (“Qurate Retail”) (Nasdaq: QRTEA,
QRTEB) today announced the payment of a quarterly interest payment
to the holders as of September 15, 2018 of the 0.75% Exchangeable
Senior Debentures due 2043 (the “Debentures”) issued by its direct
wholly-owned subsidiary, Liberty Interactive LLC (“LI LLC”). The
amount of the quarterly interest payment is $1.875 per $1,000
original principal amount of Debentures. As of September 30, 2018,
1,116 Debentures remained outstanding in the aggregate adjusted
principal amount of $95,527, 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, LI LLC has made three Extraordinary Additional
Distributions to holders of the Debentures:
1. On June 16, 2016, LI LLC 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.
2. On March 1, 2018, LI LLC 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.
3. On July 16, 2018, LI LLC made an
Extraordinary Additional Distribution of $277.5381 per $1,000
original principal amount of Debentures attributable to the cash
consideration of $53.75 per share paid to former holders of common
stock of Time Warner Inc. (“TWX”) on June 15, 2018 in connection
with AT&T’s acquisition of TWX (“AT&T/TWX
Acquisition”).
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:
September 30, 2018Beginning
AdjustedPrincipal
Payment Interest
Payment ofPrincipal
September 30, 2018Ending
AdjustedPrincipal
$86.7892 $1.875 $0.6831
$1.1919 $85.5973
LI LLC also announced the payment today, to holders of the
Debentures as of September 15, 2018, of an additional distribution
of $3.7100 per $1,000 original principal of Debentures, which is
attributable to the regular quarterly dividends paid by AT&T of
$0.50 on August 1, 2018. Payments of additional distributions
attributable to regular cash dividends do not result in a reduction
to the principal amount of the Debentures.
As a result of the AT&T/TWX Acquisition, the reference
shares attributable to each $1,000.00 original principal of
Debentures consist of a basket of 3.1648 shares of Class A common
stock of Charter (NASDAQ: CHTR) and 7.4199 shares of common stock
of AT&T Inc. (NYSE: T).
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181001005740/en/
Qurate Retail, Inc.Courtnee Chun, 720-875-5420
Qurate Retail (NASDAQ:QRTEA)
Historical Stock Chart
From Apr 2024 to May 2024
Qurate Retail (NASDAQ:QRTEA)
Historical Stock Chart
From May 2023 to May 2024