QVC begins cash tender offer for $500 million 5.125% notes due 2022

By Taylor Fox

New York, Aug. 12 – QVC, Inc. has commenced a cash tender offer to purchase any and all of the $500 million outstanding aggregate principal amount of its 5.125% senior secured notes due 2022 with proceeds from its concurrent offering of $500 million of senior secured notes due 2028, together with cash on hand, according to a news release.

The tender offer will expire at 5 p.m. ET on Aug. 19. Tendered 2022 notes may be withdrawn at any time before the expiration time.

Holders of the 2022 notes that are validly tendered and accepted will receive total cash consideration of $1,082.50 per $1,000 principal amount of 2022 notes, plus an amount equal to any accrued and unpaid interest.

Following the settlement date of the tender offer, QVC intend to exercise its right to redeem any 2022 notes not purchased by QVC in the tender offer, in accordance with the terms of the indenture governing the 2022 notes.

BofA Securities, Inc. (980 287-6959), Credit Suisse Securities (USA) LLC (212 538-2147) and J.P. Morgan Securities LLC (212 834-4087, 866 834-4666) are join dealer managers.

D.F. King & Co., Inc. (800 848-3405, 212 269-5550 QVC@dfking.com) is the information agent.

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

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