By Devika Patel
Knoxville, Tenn., March 16 – Liberty TripAdvisor Holdings, Inc. arranged a $325 million private placement of 8% series A cumulative redeemable preferred stock with Certares Holdings LLC on March 15, according to a press release and an 8-K filed with the Securities and Exchange Commission.
The 325,000 preferreds were sold at $1,000 apiece. Dividends will accrue at 8%. The preferreds are subject to a mandatory redemption in five years at par plus unpaid dividends.
The net proceeds from this investment, combined with $34 million of secured borrowings against a variable price forward and cash on hand, will repay all of the outstanding balance under Liberty TripAdvisor’s existing margin loan.
Based in Englewood, Colo., Liberty TripAdvisor Holdings consists of its subsidiary TripAdvisor, an online travel community, aggregating reviews and opinions from its community of travelers about destinations, accommodations, restaurants and activities throughout the world.
| Issuer: | Liberty TripAdvisor Holdings, Inc.
|
| Issue: | Series A cumulative redeemable preferred stock
|
| Amount: | $325 million
|
| Preferreds: | 325,000
|
| Price: | $1,000
|
| Dividends: | 8%
|
| Call: | Mandatory redemption in five years
|
| Investor: | Certares Holdings LLC
|
| Pricing date: | March 15
|
| Settlement date: | March 30
|
| Distribution: | Private placement
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
