ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Interactive LLC (“Liberty”), a subsidiary of Liberty Interactive
Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB), announced the payment
today of a quarterly interest payment to the holders, as of December 16,
2015, of its 1.0% Senior Exchangeable Debentures due 2043 (the
“Debentures”). The amount of the quarterly interest payment is $2.50 per
$1,000 original principal amount of Debentures.
Under the Indenture for the Debentures, the original principal amount of
the Debentures is reduced in an amount equal to each extraordinary
distribution made to holders of the Debentures. Thereafter, the adjusted
principal amount is further reduced on each successive quarterly
interest payment date to the extent necessary to cause the quarterly
interest payment to represent the payment of an annualized yield of 1.0%
of the adjusted principal amount. This latter adjustment, to the extent
it is made by reason of a particular extraordinary distribution that
results in a reduction to the principal amount of the Debentures, takes
effect on the second succeeding interest payment date after the payment
of that extraordinary distribution.
To date, Liberty has made one extraordinary distribution to holders of
the Debentures. On March 19, 2015, Liberty made an extraordinary
distribution of $134.5800 per $1,000 original principal amount of the
Debenture resulting from the declaration and payment by HSN, Inc.
(“HSNi”) of a special cash dividend of $10.00 per share to HSNi
shareholders of record as of February 9, 2015.
Reductions to the principal amount of the Debentures do not affect the
amount of the quarterly interest payments received by holders of the
Debentures, which will continue to be a rate equal to 1.0% per annum of
the original principal amount of the Debentures. Below is a detail of
the amount of the quarterly interest payment being made on the
Debentures, its allocation between payment of interest and repayment of
principal and the revised adjusted principal amount of the Debentures
resulting from such payment, per $1,000 original principal amount of the
|Payment||Interest||Payment of Principal|
December 31, 2015
|$ 864.7463||$2.50||$2.1619||$0.3381||$ 864.4082|
Liberty also announced the payment today, to holders of the Debentures
as of December 16, 2015, of an additional distribution of $2.2879 per
Debenture, which is attributable to the portion of the quarterly
dividend paid by HSNi on December 16, 2015 in excess of $0.18 per share.
Payments of additional distributions attributable to “excess” regular
cash dividends do not result in a reduction to the principal amount of
About Liberty Interactive LLC
Liberty Interactive LLC is an intermediate subsidiary of Liberty
Interactive Corporation, owning interests in a broad range of electronic
retailing, media, communications, and entertainment businesses.
Liberty Interactive Corporation
Courtnee Ulrich, 720-875-5420