Financial News

Qurate Retail Announces Semi-Annual Interest Payment and Regular Additional Distribution on 3.75% Senior Exchangeable Debentures Due 2030

Qurate Retail, Inc. (“Qurate Retail”) (Nasdaq: QRTEA, QRTEB, QRTEP) today announced the payment of a semi-annual interest payment and a regular additional distribution to the holders as of February 1, 2022 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:

February 15, 2022

Beginning

Adjusted Principal

Total

Payment

Interest

Additional

Payment of

Principal

February 15, 2022

Ending Adjusted

Principal

$937.9095

$18.7500

$17.5858

$1.1642

$936.7453

LI LLC is also making a regular additional distribution of $0.28730 per Debenture, attributable to the quarterly cash dividends paid by Lumen Technologies, Inc. of $0.25 per share on both September 10, 2021 and December 10, 2021. 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 February 15, 2022 to holders of record of the Debentures on February 1, 2022.

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 Lumen Technologies, Inc. (NYSE: LUMN).

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 Group℠”). Qurate Retail Group is the largest player in video commerce (“vCommerce”), which includes video-driven shopping across linear TV, ecommerce sites, digital streaming and social platforms. The retailer reaches more than 200 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.

Contacts

Courtnee Chun

720-875-5420

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