Liberty Interactive greenshoe brings 30-year exchangeables to $400 million

By Jennifer Chiou

New York, Sept. 10 - Liberty Interactive LLC, a subsidiary of Liberty Interactive Corp., announced that the $50 million greenshoe for its offering of 30-year senior debentures exchangeable into shares of HSN Inc. was exercised in full to bring the issue amount to $400 million.

The debentures priced to yield 1% with an initial exchange premium of 37.5%.

As reported, pricing of the Rule 144A deal 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.

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