QVC Completes Issuance of $1 Billion of New Senior Secured Notes
21 Agosto 2014 - 3:15PM
Business Wire
QVC, Inc. announced today the completion of the previously
announced offering of $600 million principal amount of new 4.45%
senior secured notes due 2025 and $400 million principal amount of
new 5.45% senior secured notes due 2034 (collectively, the
“Notes”). The Notes will be 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 for
the redemption of QVC’s 7.50% senior secured notes due October 2019
and for working capital and other general corporate purposes. QVC,
Inc. is a wholly-owned subsidiary of Liberty Interactive
Corporation (Nasdaq: LINTA, LINTB, LVNTA, LVNTB).
The Notes were offered pursuant to an exemption under the
Securities Act of 1933, as amended (the "Securities Act") only to
Qualified Institutional Buyers as permitted under Rule 144A of the
Securities Act, or outside the United States to certain persons in
reliance on Regulation S under the Securities Act. The Notes have
not been registered under the Securities Act and may not be offered
or sold in the United States absent registration or an exemption
from the registration requirements of the Securities Act.
In connection with the offering of the Notes, QVC has agreed,
subject to certain conditions, to file a registration statement
relating to a registered offer to exchange the Notes for new
registered notes having substantially identical terms as the
Notes.
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 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, 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 QVC’s 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 Form 10-K for additional information
about QVC and about the risks and uncertainties related to QVC’s
business which may affect the statements made in this press
release.
Liberty Interactive CorporationCourtnee Ulrich, 720-875-5420
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