Liberty Announces Payment of Additional Distribution & Composition of Reference Shares under 0.75% Exchangeable Senior Debent...
18 Maio 2016 - 7:59PM
Business Wire
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty
Interactive Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB),
announces an additional distribution to the holders of its 0.75%
Exchangeable Senior Debentures due 2043 (the "Debentures"). The
amount of the additional distribution is $614.4332 per $1,000
original principal amount of Debentures (a ”Debenture”), which is
attributable to the extraordinary cash distribution made to former
holders of common stock of Time Warner Cable, Inc. (“TWC”) on May
18, 2016, in connection with the mergers involving Charter
Communications, Inc. (“Charter”) and TWC (the “Charter/TWC
Merger”). The additional distribution is based on the “average
transaction consideration” paid in the Charter/TWC Merger, as that
term is defined in the Indenture for the Debentures.
Liberty expects to pay the additional distribution on June 16,
2016, to holders of record of the Debentures on June 1, 2016. Under
the Indenture for the Debentures, the original principal amount of
the Debentures is reduced by an amount equal to each extraordinary
distribution made to holders of the Debentures. Thereafter, the
adjusted principal amount is further reduced on each successive
semi-annual interest payment date to the extent necessary to cause
the semi-annual interest payment to represent the payment of an
annualized yield of .075% of the adjusted principal amount. This
latter adjustment, to the extent it is made by reason of a
particular extraordinary distribution that results in an adjustment
to the principal amount of the Debentures, takes effect on the
second succeeding interest payment date after the payment of that
extraordinary distribution. Liberty has not previously paid an
extraordinary distribution to holders of the Debentures.
Adjustments to the principal amount of the Debentures do not
affect the amount of the semi-annual interest payments received by
holders of the Debentures, which will continue to be a rate equal
to 0.75% per annum of the original principal amount of the
Debentures. Below is a detail of the amount of the additional
distribution being made on the Debentures announced today and the
adjusted principal amount resulting from that payment, per $1,000
original principal amount of the Debentures:
June 16, 2016 BeginningAdjusted
Principal
AdditionalDistribution
June 16, 2016 EndingAdjusted Principal
$1,000.00 $614.4332 $385.5668
Holders of the Debentures will not be entitled to the additional
distribution if they transfer or submit through DTC a notice of
exchange prior to June 1, 2016, the special record date for payment
of the additional distribution.
As a result of the Charter/TWC Merger, the reference shares
attributable to each $1,000.00 original principal of Debentures
consists of a basket of 3.1648 shares of Class A common stock of
Charter (NASDAQ: CHTR), 5.1635 shares of common stock of Time
Warner, Inc. (NYSE: TWX) and 0.6454 shares of common stock of Time,
Inc. (NYSE: TIME).
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.
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