Qurate Retail Announces Semi-Annual Interest Payment & Regular Additional Distribution on 3.75% Senior Exchangeable Debenture...
18 August 2020 - 6:15AM
Business Wire
Qurate Retail, Inc. (“Qurate Retail”) (Nasdaq: QRTEA, QRTEB)
today announced the payment of a semi-annual interest payment and a
regular additional distribution to the holders as of August 1, 2020
of the 3.75% Senior Exchangeable Debentures due 2030 (the
"Debentures") issued by its wholly-owned subsidiary, Liberty
Interactive LLC (“LI LLC”). The amount of the interest payment is
$18.75 per $1,000 original principal amount of Debentures, and the
amount of the additional distribution is $0.28730 per
Debenture.
Under the Indenture for the Debentures, the original principal
amount of the Debentures is adjusted 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 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 3.75% of the
adjusted principal amount. This latter adjustment, to the extent it
is made by reason of a particular Extraordinary Additional
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 Additional
Distribution.
To date, there has been one Extraordinary Additional
Distribution to holders of the Debentures. On August 7, 2013, LI
LLC made an Extraordinary Additional Distribution of $46.1258 per
$1,000 original principal amount of the Debentures 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 interest payments received by
holders of the Debentures, which will continue to be a rate equal
to 3.75% per annum of the original principal amount of the
Debentures. Below is a detail of the amount of the semi-annual
interest payment being made on the Debentures, its allocation
between payment of interest and repayment of principal and the
revised adjusted principal amount of the Debentures resulting from
such payment, per $1,000 original principal amount of the
Debentures:
August 15, 2020 Beginning
Adjusted Principal
Total Payment
Interest
Additional Payment of
Principal
August 15, 2020 Ending Adjusted
Principal
$941.2751
$18.7500
$17.6489
$1.1011
$940.1740
LI LLC is also making a regular additional distribution of
$0.28730 per Debenture, attributable to the quarterly cash
dividends paid by CenturyLink Inc. of $0.25 per share on both March
20, 2020 and June 12, 2020. The regular additional distribution
will not result in an adjustment to the adjusted principal amount
of the Debentures.
The semi-annual interest payment and regular additional
distribution are expected to be made on August 17, 2020 to holders
of record of the Debentures on August 1, 2020.
On April 1, 2020, T-Mobile US, Inc. completed its acquisition of
Sprint Corporation (“TMUS/S Acquisition”) for 0.10256 shares of
T-Mobile US, Inc. for every share of Sprint Corporation. Following
the TMUS/S Acquisition, the reference shares attributable to each
$1,000 original principal amount of Debentures consist of 0.2419
shares of common stock of T-Mobile US, Inc. (Nasdaq: TMUS) and
0.5746 shares of common stock of CenturyLink Inc. (NYSE: CTL).
About Qurate Retail, Inc.
Qurate Retail, Inc. operates and owns interests in a broad range
of digital commerce businesses. Qurate Retail, Inc.’s businesses
and assets consist of QVC (and its subsidiaries, including HSN),
Zulily and the Cornerstone Brands (collectively, the Qurate Retail
Group) as well as various green energy and other investments.
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version on businesswire.com: https://www.businesswire.com/news/home/20200817005470/en/
Courtnee Chun 720-875-5420
Qurate Retail (NASDAQ:QRTEB)
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