Liberty Interactive plans $350 million 30-year bonds exchangeable into HSN to yield 1% up 37.5%-40%

By Rebecca Melvin

New York, Sept. 3 - Liberty Interactive LLC, a subsidiary of Liberty Interactive Corp., plans to price $350 million of 30-year senior debentures exchangeable into shares of HSN Inc. that were talked to yield 1% with an initial conversion premium of 37.5% to 40%, according to a syndicate source.

Pricing of the Rule 144A offering, which has a $50 million greenshoe, was seen occurring late Tuesday or early Wednesday.

The deal was being priced via bookrunners BNP Paribas Securities Corp. (bill and deliver), Barclays and Deutsche Bank Securities Inc. along with passive bookrunners Morgan Stanley & Co. Inc., and Credit Agricole Securities (USA) Inc.

The exchangeables will be non-callable for three years until Oct. 5, 2016 with an investor put at three years.

Proceeds will be for general corporate purposes.

Englewood, Colo.-based Liberty Interactive owns interests in electronic retailing, media communications and entertainment businesses.

St. Petersburg, Fla.-based HSN is an interactive multi-channel retailer.

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