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Liberty Interactive to pay extraordinary cash distribution to holders of 1% exchangeable debentures
By Jennifer Chiou
New York, Jan. 28 – Liberty Interactive Corp. subsidiary Liberty Interactive LLC announced that it will pay an extraordinary cash distribution to holders of its 1% exchangeable senior debentures due 2043 as a result of HSN, Inc.’s declaration of a special cash dividend of $10 per share for shareholders of record as of Feb. 9.
The extraordinary cash distribution will be $134.58 per debenture, for a total payment of $53,832,000.00 to holders of the debentures.
According to a news release, Interactive is to make the extraordinary cash distribution to holders of the debentures on the 20th business day after the special cash dividend is paid by HSN. The payment is in accordance with the indenture for the debentures.
HSN has announced that it will pay its special cash dividend on Feb. 19, which would result in Liberty Interactive paying its extraordinary cash distribution on March 19.
The record date for the debentures is March 5.
The principal amount of the debentures is to be reduced by the amount of any extraordinary cash distribution. In addition, the adjusted principal amount is to be further reduced on each successive semiannual interest payment date to result in an annualized yield of 1% of the adjusted principal amount of the debentures.
Immediately following the extraordinary cash distribution payment by Liberty Interactive, the adjusted principal amount of the debentures will be $865.42 per $1,000 original principal amount, and the aggregate outstanding adjusted principal amount will be $346,168,000, the release stated.
Liberty Interactive owns interests in electronic retailing, media, communications and entertainment businesses. It is based in Englewood, Colo.
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