Qurate Retail Announces Semi-Annual Interest Payment & Excess Regular Cash Dividend Amount Distribution on 3.5% Senior Exchan...
16 July 2021 - 6:15AM
Business Wire
Qurate Retail, Inc. (“Qurate Retail”) (Nasdaq: QRTEA, QRTEB,
QRTEP) today announced the payment of a semi-annual interest
payment and an excess regular cash dividend amount distribution to
the holders as of July 1, 2021 of the 3.5% Senior Exchangeable
Debentures due 2031 (the "Debentures") issued by its direct
wholly-owned subsidiary, Liberty Interactive LLC (“LI LLC”), now a
co-obligor with QVC Global Corporate Holdings, LLC, the primary
co-obligor. The amount of the payment is $17.50 per $1,000 original
principal amount of Debentures, and the excess regular cash
dividend amount distribution is $4.5234 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 3.5% 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 have been two Extraordinary Additional
Distributions to holders of the Debentures. On January 10, 2007, LI
LLC made an Extraordinary Additional Distribution of $162.6160 per
$1,000 original principal amount of the Debentures arising from
Freescale Semiconductor’s going private transaction. On June 20,
2012, LI LLC made an Extraordinary Additional Distribution of
$184.0960 per $1,000 original principal amount of the Debentures
arising from the acquisition of Motorola Mobility Holdings, Inc. by
Google.
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 3.5% 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:
July 15, 2021 Beginning Adjusted
Principal
Payment
Interest
Additional Payment of
Principal
July 15, 2021 Ending Adjusted
Principal
$488.4359
$17.50
$8.5476
$8.9524
$479.4835
An excess regular cash dividend amount distribution of $4.5234
per Debenture will be paid, attributable to the quarterly dividends
paid by Motorola Solutions Inc. of $0.71 per share on both April
15, 2021 and July 15, 2021. The excess regular cash dividend amount
distribution will not result in an adjustment to the principal
amount of the Debentures.
The semi-annual interest payment and excess regular cash
dividend amount distribution are expected to be made on July 15,
2021 to holders of record of the Debentures on July 1, 2021.
About Qurate Retail, Inc.
Qurate Retail, Inc. is a Fortune 500 company comprised of seven
leading retail brands – QVC®, HSN®, Zulily®, Ballard Designs®,
Frontgate®, Garnet Hill®, and Grandin Road® (collectively, “Qurate
Retail GroupSM”). Globally, Qurate Retail Group is a world leader
in video commerce, among the top 10 e-commerce retailers in North
America (according to Digital Commerce 360), and a leader in mobile
commerce and social commerce. The retailer reaches approximately
218 million homes worldwide via 14 television networks and reaches
millions more via multiple streaming services, social pages, mobile
apps, websites, print catalogs, and in-store destinations. Qurate
Retail, Inc. also holds various minority interests and green energy
investments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210715005273/en/
Courtnee Chun 720-875-5420
Qurate Retail (NASDAQ:QRTEB)
Historical Stock Chart
From Apr 2024 to May 2024
Qurate Retail (NASDAQ:QRTEB)
Historical Stock Chart
From May 2023 to May 2024