QVC, Inc. Completes Issuance of $225 Million of New Senior Secured Notes
September 13 2018 - 4:30PM
Business Wire
QVC, Inc. (“QVC”) announced today the completion of the
previously announced offering of $225 million principal amount of
new 6.375% Senior Secured Notes due 2067 (the “Notes”). QVC also
granted the underwriters of this offering an option to acquire up
to an additional $33.75 million principal amount of the Notes to
cover any over-allotments. The Notes are secured by a
first-priority lien on the capital stock of QVC, which is the same
collateral that secures QVC's existing secured indebtedness and
certain future indebtedness. The net proceeds from the offering
will be used to partially repay existing indebtedness under QVC’s
senior secured credit facility and for general corporate purposes.
As a result, the offering of Notes by QVC will be effectively
leverage neutral. QVC is a wholly owned subsidiary of Qurate
Retail, Inc. (formerly Liberty Interactive Corporation) (Nasdaq:
QRTEA and QRTEB).
QVC has applied to list the Notes on the New York Stock
Exchange. QVC expects trading in the Notes to begin within 30 days
after the Notes are first issued.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, Wells Fargo Securities, LLC, RBC Capital
Markets, LLC and UBS Securities LLC are the joint book-running
managers for this offering.
QVC issued the Notes pursuant to its existing shelf registration
statement that has been filed with the Securities and Exchange
Commission (“SEC”). QVC has filed with the SEC a definitive
prospectus supplement and accompanying prospectus describing the
terms of this offering. Copies of the definitive prospectus
supplement and accompanying prospectus for this offering may be
obtained by contacting Merrill Lynch, Pierce, Fenner & Smith
Incorporated at 1-800-294-1322, Morgan Stanley & Co. LLC at
1-800-584-6837, Wells Fargo Securities, LLC at 1-800-645-3751, RBC
Capital Markets, LLC at 1-866-375-6829 and UBS Securities LLC at
1-888-827-7275.
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 Notes, nor shall there be any sales of Notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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 listing and trading of the Notes and the use of proceeds
from the offering. 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, the commencement of trading of the
Notes. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180913005903/en/
QVC, Inc.Courtnee Chun, 720-875-5420orQVC Media
Relations484-701-1647
Qurate Retail (NASDAQ:QRTEA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Qurate Retail (NASDAQ:QRTEA)
Historical Stock Chart
From Apr 2023 to Apr 2024