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Qurate unit Liberty Interactive tweaks par amount of 3.75% convertibles
Chicago, Feb. 18 – Qurate Retail, Inc. said the principal amount of subsidiary Liberty Interactive LLC’s 3.75% exchangeable senior debentures due 2030 was adjusted following payment of a quarterly interest payment to the holders as of Feb. 1.
The principal amount was lowered to $941.2751 from $942.3559.
Under the indenture for the debentures, the original principal amount of the debentures was reduced in an amount equal to each extraordinary additional distribution made to holders of the debentures.
Thereafter, the adjusted principal amount is further reduced on each successive quarterly interest payment date to the extent necessary to cause the quarterly interest payment to represent the payment of an annualized yield of 3.75% of the adjusted principal amount.
The latter adjustment, to the extent it is made by reason of a particular extraordinary additional distribution that results in a reduction to the principal amount of the debentures, takes effect on the second succeeding interest payment date after the payment of that extraordinary additional distribution.
To date, Liberty has made one extraordinary additional distribution to holders. On Aug. 7, 2013, Liberty made an extraordinary additional distribution of $46.1258 per $1,000 original principal amount resulting from the merger transaction between Sprint Nextel Corp. and SoftBank Corp.
Reductions to the principal amount of the debentures do not affect the amount of the quarterly interest payments received by holders of the debentures, which will continue to be a rate equal to 3.75% per annum.
Englewood, Colo.-based Qurate Retail operates and owns interests in digital commerce businesses.
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