QVC accepts tenders for $384.83 million of 5.125% notes due 2022

By Sarah Lizee

Olympia, Wash., Aug. 20 – QVC, Inc. gave the results of its cash tender offer to purchase any and all of the $500 million of 5.125% senior secured notes due 2022.

By the tender offer expiration time at 5 p.m. ET on Aug. 19, $384,831,000, or about 77%, of the notes were validly tendered and not validly withdrawn. That amount excludes $4,692,000 of notes that remain subject to guaranteed delivery procedures.

QVC said it has accepted all tendered notes for purchase. It also expects to accept all notes that remain subject to guaranteed delivery procedures.

QVC also issued a notice of redemption for any remaining notes due 2022 at par plus a make-whole premium and accrued interest to the redemption date on Sept. 19.

As previously reported, the company is financing the tender offer with proceeds from its concurrent offering of $500 million of senior secured notes due 2028 together with cash on hand.

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.

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 joint 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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