S&P gives QVC notes BB+

S&P said it assigned its BB+ issue-level rating to QVC Inc.'s proposed secured notes due 2028. The recovery rating is 1, reflecting S&P’s expectation of very high (90%-100%; rounded estimate 90%) recovery in the event of a default.

Proceeds are expected to be used to repurchase its $500 million of 5 1/8% secured notes due 2022. “The tender offer is not conditioned upon any minimum amount of the 2022 notes being tendered, and we understand QVC has the right to redeem any 2022 notes not tendered. We anticipate the transaction will be leverage-neutral and it extends the company's debt maturity profile,” S&P said in a press release.

Parent Qurate Retail’s ratings and negative outlook are unchanged.

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