Qurate unit Liberty Interactive lowers principal on 4% exchangeables

Chicago, Nov. 15 – Qurate Retail, Inc. said the principal amount was adjusted for the 4% senior exchangeable debentures due 2029 issued by wholly owned subsidiary Liberty Interactive LLC.

The principal amount was lowered to $906.2427 from $908.0811.

The adjustment was due to the payment of interest and a regular additional distribution to the holders as of May 1, according to a company announcement.

Based on a 4% interest rate, the semiannual interest payment is $20.00 per $1,000 original principal amount of debentures and the amount of the additional distribution is $1.8384 per debenture.

The 4% interest rate is consistent, but is allocated differently because the company reduced the principal amount per note with one extraordinary additional distribution of $63.096 per $1,000 original principal amount on Aug. 7, 2013, due to the merger between Sprint Nextel Corp. and SoftBank Corp.

Since that time, the regular coupon payment has been applied partially as interest and partially as a further reduction of the principal amount of what started as a $1,000-par note.

Qurate Retail, Inc., formerly Liberty Interactive Corp., comprises eight leading retail brands and is based in Englewood, Colo.

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