QVC, Inc. Prices $435 Million of New Senior Secured Notes
20 November 2019 - 12:05PM
Business Wire
QVC, Inc. (“QVC”) announced today the pricing of $435 million
principal amount of new 6.250% Senior Secured Notes due 2068 (the
“Notes”). QVC also granted the underwriters of this offering an
option to acquire up to an additional $65.25 million principal
amount of the Notes to cover any over-allotments. The 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 are expected to be
used to repay a portion of the borrowings outstanding under QVC’s
senior secured credit facility. QVC’s senior secured credit
facility is used for working capital purposes and, among other
things, may be used for the repayment of other debt and the payment
of dividends to Qurate Retail, Inc. for general corporate purposes,
including repurchases of its common stock. The offering is expected
to close on or about November 26, 2019, subject to customary
closing conditions. QVC is a wholly-owned subsidiary of Qurate
Retail, Inc. (Nasdaq: QRTEA and QRTEB).
QVC intends to apply to list the Notes on the New York Stock
Exchange. If the application is approved, QVC expects trading in
the Notes to begin within 30 days after the Notes are first
issued.
BofA Securities, Morgan Stanley, RBC Capital Markets, UBS
Investment Bank and Wells Fargo Securities are the joint
book-running managers for this offering.
J.P. Morgan is the joint lead manager for this offering.
QVC is offering the Notes pursuant to its existing effective
shelf registration statement that has been filed with the U.S.
Securities and Exchange Commission (“SEC”). QVC intends to file
with the SEC 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;
Morgan Stanley and Co. & LLC, Attn: Prospectus Department, 180
Varick Street, New York, NY 10014, by telephone at (866) 718-1649;
RBC Capital Markets, LLC, 200 Vesey Street, New York, New York
10281, Attn: Transaction Management, by telephone at (866) 375-6829
or by email at rbcnyfixedincomeprospectus@rbccm.com; UBS Securities
LLC Attn: Prospectus Department, 1285 Avenue of the Americas, New
York, New York 10019, by telephone at (888) 827-7275 and Wells
Fargo Securities, LLC 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention: WFS Customer Service, Email:
wfscustomerservice@wellsfargo.com,
Toll-Free: 1-800-645-3751.
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 offered Notes, nor shall there be any sales of 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 Notes, 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 acceptance of the Notes for listing and 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/20191119006136/en/
Courtnee Chun 720-875-5420 QVC Media Relations 484-701-1647
Qurate Retail (NASDAQ:QRTEA)
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