Under the Indenture for the Debentures, the original principal amount of the Debentures is reduced in an amount equal to each Extraordinary Additional Distribution that is 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 0.75% 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 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.
June 16, 2016, LI LLCmade an Extraordinary Additional Distribution (the “TWC Extraordinary Additional Distribution”) of $614.4332per $1,000original principal amount of the Debentures attributable to the cash distribution made to former holders of common stock of Time Warner Cable, Inc.(“TWC”) on May 18, 2016, in connection with the mergers involving Charter Communications, Inc.and TWC (the “Charter/TWC Merger”). The TWC Extraordinary Additional Distribution was based on the “average transaction consideration’’ paid in the Charter/TWC Merger, as that term is defined in the Indenture for the Debentures.
March 1, 2018, LI LLCmade an Extraordinary Additional Distribution of $11.9399per $1,000original principal amount of Debentures attributable to the cash consideration of $18.50per share paid to former holders of common stock of Time Inc.(“Time”) on January 31, 2018, in connection with the acquisition of Time by Meredith Corporation.
July 16, 2018, LI LLCmade an Extraordinary Additional Distribution of $277.5381per $1,000original principal amount of Debentures attributable to the cash consideration of $53.75per share paid to former holders of common stock of Time Warner Inc.(“TWX”) on June 15, 2018in connection with AT&T’s acquisition of TWX (“AT&T/TWX Acquisition”).
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 0.75% per annum of
the original principal amount of the Debentures. Below is a detail of
the amount of the quarterly 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
March 30, 2019
March 30, 2019
As a result of the
Qurate Retail, Inc.
Courtnee Chun, 720-875-5420