QVC offers to buy all $750 million 4 3/8% senior notes due 2023

Chicago, June 9 – QVC, Inc., a wholly owned subsidiary of Qurate Retail, Inc., started a cash tender offer for any and all of its $750 million outstanding 4 3/8% senior secured notes due 2023 (Cusip: 747262AK9), according to a press release.

QVC is offering $1,010 per $1,000 note, plus interest to the settlement date.

The company will fund the tender offer with cash on hand and, if necessary, borrowings from the issuer’s senior secured credit facility. As of March 31, the company had $2.48 billion available on its senior secured credit facility and $522 million of cash on its balance sheet.

The offer will expire at 5 p.m. ET on June 15.

Settlement is expected on June 16.

There are guaranteed delivery procedures. Tenders delivered using guaranteed delivery are due by 5 p.m. ET on June 17. The related settlement date would be June 21.

BofA Securities (980 388-3646, debt_advisory@bofa.com) and J.P. Morgan Securities LLC are the joint dealer managers (866 834-4666, 212 834-4045).

D.F. King & Co., Inc. is the information and tender agent for the offer (800 714-3311, 212 269-5550, QVC@dfking.com, www.dfking.com/QVC).

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

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