By Business Wire, March 18, 2013, 04:00:00 PM EDT
WEST CHESTER, Pa.--(BUSINESS WIRE)--
QVC, Inc. announced today the completion of the previously announced
offering of $750 million principal amount of new 4.375% senior secured
notes due 2023 and $300 million principal amount of new 5.950% senior
secured notes due 2043 (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, together with cash on hand, to fund QVC's cash tender offer for
any and all of its $500 million aggregate principal amount of 7.125%
senior secured notes due 2017 and up to $250 million aggregate principal
amount of its 7.50% senior secured notes due 2019. To the extent that
the net proceeds from the sale of the Notes exceeds the amount of funds
required to purchase the tendered notes, then any excess funds will be
used for general corporate purposes, which may include the refinancing
of indebtedness under QVC's senior secured credit facility. 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.
Source: Liberty Interactive Corporation