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Liberty Interactive makes distribution to 3.5% exchangeables holders
By Angela McDaniels
Tacoma Wash., Feb. 18 - Liberty Interactive Corp. subsidiary Liberty Interactive LLC made a semiannual payment and an additional distribution to the holders of its 3.75% senior exchangeable debentures due 2030 on Tuesday, according to a company news release.
The amount of the semiannual payment is $18.75 per $1,000 original principal amount of debentures, and the amount of the additional distribution is $0.62056 per debenture. Of the $18.75 semiannual payment, $17.8851 is interest and $0.8649 is an additional payment of principal.
The semiannual payment reduced the adjusted principal amount of each debenture to $953.0093 from $953.8742.
On Aug. 7, 2013, Liberty made an extraordinary distribution of $46.1258 per $1,000 original principal amount of debentures as a result of the merger between Sprint Nextel Corp. and SoftBank Corp.
If the company makes an extraordinary distribution to the holders, the original principal amount of the debentures is adjusted in an amount equal to the extraordinary distribution. The adjusted principal amount is then reduced on each successive semiannual interest payment date to the extent necessary to cause the semiannual interest payment to represent the payment of an annualized yield of 3.75% of the adjusted principal amount. This latter adjustment takes effect on the second succeeding interest payment date after the payment of that extraordinary distribution.
Liberty is also making an additional distribution of $0.62056 per debenture, attributable to the quarterly cash dividends paid by CenturyLink Inc. on Sept. 19 and Dec. 6.
Liberty Interactive owns interests in electronic retailing, media, communications and entertainment businesses. It is based in Englewood, Colo.
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