QVC, Inc. Announces Proposed Senior Secured Notes Offering
August 12 2020 - 8:25AM
Business Wire
QVC, Inc. (“QVC”) announced today its intention to offer (the
“Offering”) $500 million aggregate principal amount of Senior
Secured Notes due 2028 (the “New Notes”), subject to market and
other conditions. The New Notes will be secured by a first-priority
lien on the capital stock of QVC, which also secures QVC’s existing
secured indebtedness and certain future indebtedness. The net
proceeds from the Offering, together with cash on hand, are
expected to be used to repurchase any and all of the $500 million
outstanding aggregate principal amount of QVC’s 5.125% senior
secured notes due 2022 (the “2022 Notes”) in a tender offer
announced today by QVC.
QVC is a wholly-owned subsidiary of Qurate Retail, Inc. (Nasdaq:
QRTEA and QRTEB).
BofA Securities and J.P. Morgan are the lead joint book-running
managers for the Offering.
QVC is offering the New Notes pursuant to its existing effective
shelf registration statement. QVC intends to file with the U.S.
Securities and Exchange Commission a definitive prospectus
supplement and accompanying prospectus describing the terms of this
offering. When available, copies of the definitive prospectus
supplement and accompanying prospectus for this offering may be
obtained by contacting BofA Securities, Inc., NC1-004-03-43; 200
North College Street, 3rd floor, Charlotte NC 28255-0001, Attn:
Prospectus Department, Toll Free: 1 800 294 1322, Email:
dg.prospectus_requests@bofa.com and J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by telephone at 866-803-9204, or by email at
prospectus-eq_fi@jpmchase.com.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy the New Notes or the 2022 Notes, nor shall there be any sales
of New Notes or 2022 Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including without limitation, statements about the
intended offering of New Notes and the use of proceeds from the
Offering, including the proposed repurchase of the 2022 Notes.
These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including,
without limitation, general market conditions. These
forward-looking statements speak only as of the date of this press
release, and QVC expressly disclaims any obligation or undertaking
to disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in its
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Please refer to the publicly filed documents of QVC, including the
most recent Forms 10-K and 10-Q, for additional information about
QVC and about the risks and uncertainties related to the business
of QVC which may affect the statements made in this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200812005409/en/
Courtnee Chun 720-875-5420 QVC Media Relations 484-701-1647
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