CORRECTING and REPLACING Liberty Announces Semi-Annual Payment on 4.0% Senior Exchangeable Debentures Due 2029 - Results in Further Reduction of Adjusted Principal Amount
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- In the first and fifth paragraphs of release dated May 15, 2014, the amount of the additional distribution should read: $0.8489 per Debenture (instead of $1.0800 per Debenture).
The corrected release reads:
LIBERTY ANNOUNCES SEMI-ANNUAL PAYMENT ON 4.0% SENIOR EXCHANGEABLE DEBENTURES DUE 2029 - RESULTS IN FURTHER REDUCTION OF ADJUSTED PRINCIPAL AMOUNT
Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty Interactive Corporation (Nasdaq: LINTA, LINTB, LVNTA, LVNTB), announces a semi-annual payment and additional distribution to the holders of its 4.0% Senior Exchangeable Debentures due 2029 (the "Debentures"). The amount of the 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 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 4.0% of the adjusted principal amount. This latter adjustment, to the extent it is made by reason of a particular extraordinary distribution that results in 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 has been one extraordinary distribution to holders of the Debentures. On August 7, 2013, Liberty made an extraordinary distribution of $63.0960 per $1,000 original principal amount of Debenture arising from the merger transaction between Sprint Nextel Corporation and SoftBank Corp.
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 4.0% 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:
May 15, 2014
May 15, 2014
Liberty is also making an additional distribution of $0.8489 per Debenture, attributable to the quarterly cash dividends paid by CenturyLink Inc. on 12/6/13 and 3/21/14.
The semi-annual interest payment and additional distribution are expected to be made on May 15, 2014 to holders of record of the Debentures on May 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.
SOURCE: Liberty Interactive LLC
Courtnee Ulrich, 720-875-5420
Source: Liberty Interactive Corporation
Released May 15, 2014