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Prospect News home > News index > List of issuers Q > Headlines for QVC Inc. > News item |
Fitch rates QVC notes BBB-, Qurate preferreds BB-
Fitch Ratings said it assigned a BBB-/RR1 rating to QVC Inc.'s $500 million issuance of senior secured notes, with proceeds expected to be used to repurchase the $500 million of QVC's 5 1/8% senior secured notes due July 2022.
Fitch also assigned a BB-/RR6 rating and 0% equity credit to Qurate Retail Inc.'s proposed offering of about $1.3 billion of aggregate liquidation preference of 8% fixed-rate cumulative redeemable preferred shares.” The 0% equity credit is driven primarily by restrictive interest deferral terms. The preferred share issuance is part of a special dividend the company will distribute, which will include $633 million in cash,” Fitch said in a press release.
The agency also affirmed the companies’ issuer ratings at BB.
The outlook is stable.
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