WEST CHESTER, Pa. (August 13, 2020) – 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.