Liberty Media makes semiannual payment on 3.5% exchangeables

By Jennifer Chiou

New York, July 15 - Liberty Media LLC announced a semiannual payment to holders of its 3.5% senior exchangeable debentures due 2031 in the amount of $17.50 per $1,000 original principal amount of notes.

Of the $17.50 payment, $14.2305 is interest and $3.2695 is an additional payment of principal.

As a result of the payment, the principal amount of each exchangeable moved to $809.904 from $813.1734. In January, this figure was adjusted from $816.3867, also as a result of the semiannual payment.

As reported, the debentures are exchangeable for Freescale Semiconductor, Inc. stock. The original reduction in principal amount resulted from an extraordinary distribution of cash paid to bondholders on Jan. 10, 2007 in connection with the acquisition of Freescale Semiconductor by a group of private equity firms.

At that time, Liberty Media announced that the adjusted principal amount of the exchangeables would be further reduced on each semiannual interest payment date to the extent necessary to cause the semiannual payment on that date to represent the payment by Liberty Media, in arrears, of an annualized yield of 3.5% of the adjusted principal amount of the exchangeables.

The company said that the adjustments will not affect the amount of the semiannual payments received by holders of the exchangeables, which will continue to equal 3.5% of the original principal amount per year.

Liberty Media is a subsidiary of Liberty Media Corp., an Englewood, Colo.-based company that owns interests in electronic retailing, media, communications and entertainment businesses.

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