Liberty Announces Adjustment to 3.125% Senior Exchangeable Debentures Due 2023
14 Janeiro 2013 - 7:30PM
Business Wire
Liberty Interactive LLC (“Liberty”), a subsidiary of Liberty
Interactive Corporation (NASDAQ: LINTA/LINTB and LVNTA/LVNTB )
announced a cash distribution to the holders of its 3.125% Senior
Exchangeable Debentures due in 2023 (the “Debentures”). This
distribution is the result of AOL, Inc.’s special dividend of $5.15
per share paid on December 14, 2012.
Each Debenture is exchangeable into a basket of securities
consisting of 19.1360 common shares of Time Warner Entertainment
(“TWX”), 4.8033 common shares of Time Warner Cable (“TWC”) and
1.7396 common shares of AOL, Inc. (“AOL”).
Pursuant to the indenture governing the Debentures, this
distribution is considered an extraordinary distribution of cash.
As a result, each Debenture holder will be entitled to receive a
cash payment of $8.9589 per bond. The distribution is expected to
be made on January 15, 2013 to holders of record on December 31,
2012.
Also pursuant to the indenture, on any date that we pay or make
an additional distribution to the holders of the debentures that is
attributable to an extraordinary distribution on the reference
shares, the original principal amount of each debenture will be
reduced by the amount of the additional distribution that is paid
or made with respect to that debenture. Thereafter, the adjusted
principal amount will be further reduced on each successive
semi-annual interest payment date to the extent necessary to cause
the semi-annual interest payment on that date to represent the
payment by Liberty, in arrears, of an annualized yield of 3.125% of
the adjusted principal amount of the debentures. An adjustment for
purposes of ensuring that Liberty does not pay an annualized yield
of more than 3.125% of the adjusted principal amount of the
debentures that is necessary by the payment of an additional
distribution to holders of the debentures will take effect on the
second succeeding interest payment date after the payment of that
distribution. We will issue a press release each time an adjustment
is made to the adjusted principal amount of the debentures.
Payment Date
Beginning AdjustedPrincipal per Bond
ExtraordinaryDistribution
Ending AdjustedPrincipal per Bond
1/15/2013 $1000.00 $8.9589
$991.0411
The adjustments described above will not affect the amount of
the semi-annual payments received by holders of the debentures,
which will continue to be a rate of interest equal to 3.125% per
annum of the original principal amount of the debentures.
About Liberty Interactive LLC
Liberty Interactive LLC is a wholly owned subsidiary of Liberty
Interactive Corporation and owns interests in a broad range of
electronic retailing, media, communications, and entertainment
businesses.
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