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Liberty Media again makes semiannual payment on 3.5% exchangeables
By Susanna Moon
Chicago, July 15 - Liberty Media Corp. said it would make another semiannual payment to holders of its 3.5% senior exchangeable debentures due 2031.
The company said it would pay $17.50 per $1,000 of original principal amount of the bonds. Of the payment, $14.5537 is interest and $2.9463 is an additional payment of principal.
The principal amount of the bonds was reduced by $162.616 to $837.384 per debenture.
The semiannual interest payment and additional distribution were expected to be made on Tuesday to bondholders of record on July 1.
The debentures are exchangeable for Freescale Semiconductor, Inc. stock. The original reduction in principal amount resulted from an extraordinary distribution of cash paid to bondholders on Jan. 10, 2007 in connection with the acquisition of Freescale Semiconductor by a group of private equity firms.
At that time, Liberty Media announced that, in accordance with the indenture, the adjusted principal amount of the debentures would be further reduced on each semiannual interest payment date to the extent necessary to cause the semiannual payment on that date to represent the payment by Liberty Media, in arrears, of an annualized yield of 3.5% of the adjusted principal amount of the debentures.
The company said the adjustments will not affect the amount of the semiannual payments received by holders of the debentures, which will continue to equal 3.5% of the original principal amount per year.
Liberty Media is a holding company based in Englewood, Colo., that owns interests in electronic retailing, media, communications and entertainment businesses.
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