This study investigates some spectral properties of a new type of periodic Sturm-Liouville problem. The problem under consideration differs from the classical ones in that the differential equation is given on two disjoint segments that have a common end, and two additional interaction conditions are imposed on this common end (such interaction conditions are called various names, including transmission conditions, jump conditions, interface conditions, impulsive conditions, etc.). At first, we proved that all eigenvalues are real and there is a corresponding real-valued eigenfunction for each eigenvalue. Then we showed that two eigenfunctions corresponding to different eigenvalues are orthogonal. We also defined some left and right-hand solutions, in terms of which we constructed a new transfer characteristic function. Finally, we have defined asymptotic formulas for the transfer characteristic functions and also for the eigenvalues. The results obtained are a generalization of similar results of the classical Sturm-Liouville theory.