Published on 8/13/2020 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: QVC prices $500 million of eight-year secured bullet notes at par to yield 4 3/8%
By Paul A. Harris
Portland, Ore., Aug. 13 – QVC, Inc. priced a $500 million issue of eight-year senior secured bullet notes (Ba2/BB+/BBB-) at par to yield 4 3/8% on Thursday, according to a syndicate source.
The yield printed at the wide end of the 4¼% to 4 3/8% yield talk.
BofA Securities Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Truist Securities Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Credit Agricole CIB, TD Securities (USA) LLC and Mizuho Securities USA Inc. were the joint bookrunners.
The West Chester, Pa.-based free-to-air television network and shopping channel plans to use the proceeds, together with cash on hand, to repurchase approximately $500 million of its notes maturing in 2022.
| Issuer: | QVC, Inc.
|
| Amount: | $500 million
|
| Maturity: | Sept. 1, 2028
|
| Securities: | Senior secured notes
|
| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Truist Securities Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Credit Agricole CIB, TD Securities (USA) LLC and Mizuho Securities USA Inc.
|
| Co-managers: | Scotia Capital (USA) Inc., RBC Capital Markets Corp., U.S. Bancorp Investments Inc., UBS Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, MUFG and Wells Fargo Securities LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 382 bps
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 20
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | 4¼% to 4 3/8%
|
| Marketing: | Roadshow
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
