Qurate unit Liberty Interactive tweaks par amount of 4% convertibles

By Susanna Moon

Chicago, Nov. 16 – 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 $923.0863 from $924.5944.

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

The interest payment is $20.00 per $1,000 original principal amount of debentures and the amount of the additional distribution is $0.8489 per debenture.

Under the notes indenture, the original principal amount is reduced by an amount equal to each extraordinary additional distribution made to holders. After that, the adjusted principal amount is further reduced on each successive semiannual interest payment date to the extent necessary to cause the semi-annual interest payment to represent the payment of an annualized yield of 4% of the adjusted principal amount, the release said.

So far, holders received one extraordinary additional distribution of $63.0960 per $1,000 original principal amount on Aug. 7, 2013, due to the merger between Sprint Nextel Corp. and SoftBank Corp.

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

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