QVC, Inc. Prices Offering of $500 Million of New Senior Secured Notes
August 13 2020 - 6:20PM
Business Wire
QVC, Inc. (“QVC”) announced today the pricing of $500 million
aggregate principal amount of new 4.375% Senior Secured Notes due
2028 (the “New Notes”). 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 of the New Notes
(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 previously by
QVC. The Offering is expected to close on or about August 20, 2020,
subject to customary closing conditions. 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 previously filed by QVC with the
Securities and Exchange Commission. This offering may be made only
by means of a prospectus supplement and the accompanying base
prospectus. Copies of the prospectus supplement and accompanying
prospectus for this offering may be obtained by contacting BofA
Securities, 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
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/20200813005828/en/
Courtnee Chun 720-875-5420 QVC Media Relations 484-701-1647
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