By Rebecca Melvin
New York, Sept. 4 - Liberty Interactive LLC, a subsidiary of Liberty Interactive Corp., priced $350 million of 30-year senior debentures exchangeable into shares of HSN Inc. to yield 1% with an initial exchange premium of 37.5%, according to a news release.
Pricing of the Rule 144A deal, which has a $50 million greenshoe, came at the talked fixed coupon point and at the cheap end of the 37.5% to 40% talked exchange premium.
BNP Paribas Securities Corp., Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Credit Agricole Securities (USA) Inc. were joint bookrunners.
The exchangeables will be non-callable until Oct. 5, 2016, with no provisional call period. There is an investor put on Oct. 5, 2016.
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.
| Issuer: | Liberty Interactive LLC
|
| Exchange entity: | HSN Inc.
|
| Issue: | Exchangeable senior debentures
|
| Amount: | $350 million
|
| Greenshoe: | $50 million
|
| Maturity: | Sept. 30, 2043
|
| Bookrunners: | BNP Paribas Securities Corp., Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc.
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Exchange premium: | 37.5%
|
| Exchange price: | $74.31 per share of HSN
|
| Exchange ratio: | 13.4580 shares of HSN
|
| Call protection: | Non-callable until Oct. 5, 2016
|
| Put: | On Oct. 5, 2016
|
| Price talk: | 1%, up 37.5%-40%
|
| Pricing date: | Sept. 4
|
| Settlement date: | Sept. 9
|
| HSN stock price: | $54.04 at close Sept. 3
|
| Distribution: | Rule 144A
|
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