Market Overview

QVC, Inc. Completes Issuance of $225 Million of New Senior Secured Notes

Share:

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).

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 Comments and Join the Discussion!