QVC to price $500 million senior secured notes due 2028

By Rebecca Melvin

New York, Aug. 12 – QVC Inc. plans to price $500 million of senior secured notes due 2028, according to 424B5 filing with the Securities and Exchange Commission.

The notes are optionally callable at par plus a make-whole payment.

The notes are guaranteed by the company’s material domestic subsidiaries that guarantee the borrowings under its senior secured credit facility and under its 5.125% senior secured notes due 2022, its 4.375% senior secured notes due 2023, its 4.85% senior secured notes due 2024, its 4.45% senior secured notes due 2025, its 4.75% senior secured notes due 2027, its 5.45% senior secured notes due 2034, its 5.95% senior secured notes due 2043, its 6.375% senior notes due 2067 and its 6.25% senior secured notes due 2068. The guarantees will be the guarantors’ senior unsecured obligations.

BofA Securities Inc. and J.P. Morgan Securities LLC are the lead bookrunners of the deal, together with BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., TD Securities (USA) LLC and Truist Securities Inc. also acting as joint bookrunners.

Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets Corp., Scotia Capital (USA) Inc., UBS Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are senior co-managers.

The proceeds of the offering, together with cash on hand, will be used to repurchase any and all of the company’s $500 million outstanding principal amount of 2022 notes in a tender offer.

West Chester, Pa.-based QVC is a cable, satellite and broadcast television network specializing in televised home shopping.

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