Liberty Announces Semi-Annual Payment on 3.5% Senior Exchangeable Debentures
Due 2031 - Results in Further Reduction of Adjusted Principal Amount
ENGLEWOOD, Colo. -- January 15, 2014
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty Interactive
Corporation (Nasdaq: LINTA, LINTB, LVNTA, LVNTB), announced a semi-annual
payment to the holders of its 3.5% Senior Exchangeable Debentures due 2031
(the "Debentures"). The amount of the payment is $17.50 per $1,000 original
principal amount of Debentures.
Under the Indenture for the Debentures, the original principal amount of the
Debentures is adjusted 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 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 3.5% 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.
To date, there have been two extraordinary distributions to holders of the
Debentures. On January 10, 2007, Liberty made an extraordinary distribution of
$162.6160 per $1,000 original principal amount of Debenture arising from
Freescale Semiconductor’s going private transaction. On June 20, 2012, Liberty
made an extraordinary distribution of $184.0960 per $1,000 original principal
amount of Debenture arising from the acquisition of Motorola Mobility
Holdings, Inc (“MMI”) by Google.
Adjustments to the principal amount of the Debentures do not affect the amount
of the semi-annual payments received by holders of the Debentures, which will
continue to be a rate equal to 3.5% per annum of the original principal amount
of the Debentures. Below is a detail of the amount of the payment being made
on the Debentures, its allocation between payment of interest and repayment of
principal and the revised adjusted principal amount resulting from the
payment, per $1,000 original principal amount of the Debentures:
January 15, 2014 Additional January 15, 2014
Beginning Payment Interest Payment of Ending Adjusted
Adjusted Principal Principal Principal
$605.6481 $17.50 $10.5988 $6.9012 $ 598.7470
Liberty is also making an excess regular cash dividend amount distribution of
$0.3156 per Debenture, attributable to the quarterly dividends paid by
Motorola Solutions Inc. on 9/15/13 and 1/15/14.
The semi-annual interest payment and excess regular cash dividend amount
distribution are expected to be made on January 15, 2014 to holders of record
of the Debentures on January 1, 2014.
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 LLC
Courtnee Ulrich, 720-875-5420
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