Please replace the corrected release dated July 23, 2013 with the following corrected version due to further revisions throughout. The corrected release reads: LIBERTY INTERACTIVE ANNOUNCES EXTRAORDINARY CASH DISTRIBUTION AND REFERENCE SHARE ADJUSTMENT ON ITS SENIOR EXCHANGEABLE DEBENTURES RELATING TO SPRINT COMMON STOCK Liberty Interactive LLC (“Liberty”), a subsidiary of Liberty Interactive Corporation (Nasdaq: LINTA, LINTB, LVNTA, LVNTB), announced today that it will make an extraordinary cash distribution to holders of record on July 24, 2013, of its 4.0% Senior Exchangeable Debentures due 2029 and 3.75% Senior Exchangeable Debentures due 2030 (the “Debentures”). The cash distribution to be made per $1,000 principal amount of each Debenture is indicated in the table below (the “Extraordinary Distribution”). The distribution date for the Extraordinary Distribution is August 7, 2013. The Extraordinary Distribution is being made by Liberty as a result of the closing of the merger transaction (the “Merger Transaction”) between Sprint Nextel Corporation (“Sprint Nextel”) and SoftBank Corp. Stockholders of Sprint Nextel were given the election (the “Merger Consideration Election”), for each share of Sprint Nextel Series 1 common stock held by them, to receive either (i) one share of common stock, par value $0.01 share (“Sprint Common Stock”), of a new corporation named “Sprint Corporation” (“Sprint”) or (ii) cash in the amount of $7.65, subject to proration and reallocation pursuant to the terms of the Merger Transaction. Sprint has publicly announced that, in connection with the Merger Consideration Election, Sprint has issued an aggregate of 850,899,628 shares of Sprint Common Stock and paid an aggregate of $16,639,999,897 in exchange for the 3,026,063,027 shares of Sprint Nextel Series 1 common stock that were eligible to participate in the Merger Consideration Election. Under the Indenture relating to the Debentures, the Merger Consideration Election constituted a “reference share offer” which requires a “reference share offer adjustment” to the number of reference shares underlying each Debenture. Hence, in addition to the Extraordinary Distribution, Liberty has made a “reference share proportionate reduction” to the number of reference shares underlying the Debentures. The following table illustrates the payments and reference share adjustments being made by Liberty.
|Extraordinary Distribution and Reference Share Proportionate Reduction|
|4.0% Debentures||3.75% Debentures|
|Pre-merger Exchange Ratio(shares per bond)||Sprint Nextel: 11.4743CenturyLink: .7860||Sprint Nextel: 8.3882CenturyLink: .5746|
|Post-merger Exchange Ratio(shares per bond)||Sprint : 3.2265CenturyLink: .7860||Sprint: 2.3587CenturyLink: .5746|
|Cash Distribution per bond||$63.0960||$46.1258|
|Total Cash Distribution||$29,578,250||$21,217,832|
|BeginningAdjustedPrincipalAmount perBond||PrincipalAdjustment perBond||EndingAdjustedPrincipalAmount perBond||Beginning TotalPrincipalOutstanding||Ending TotalPrincipalOutstanding|
About Liberty Interactive LLCLiberty Interactive LLC is a wholly owned subsidiary of Liberty Interactive Corporation and owns interests in a broad range of electronic retailing, media, communications, and entertainment businesses.