IAC Spins: Transfering $1.5 Billion Back To Parent; Ticker Symbols, Distribution Method
This story was written by Joseph Weisenthal.
IAC already said it planned for its spincos to take on debt, the proceeds of which would be transfered back to New IAC (NSDQ: IACI). In a new filing, the company says it expects to take in $1.53 billion in the process: $390 million from HSN, $390 million from Interval and $750 million from TicketMaster (as had been previously announced). Note that the final net benefit will come out a bit lower, since it says it will pay an unspecified amount to troubled LendingTree prior to the spin.
-- Tickers: A new detail since the last filing, here's what the companies will trade under, all on the NASDAQ: HSNI (HSN), IILG (SEO: 066570) (Interval), TKTM (TicketMaster), TREE (LendingTree).
-- Distribution: Pretty straightforward: For every share of IAC you own, you'll get 1/5th of a share of each of the spins, by way of a pro rata dividend.
By Joseph Weisenthal