| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Q > Headlines for QVC Inc. > News item |
QVC accepts tenders for $535.34 million of 4 3/8% notes due 2023
By Marisa Wong
Los Angeles, June 16 – QVC, Inc., a wholly owned subsidiary of Qurate Retail, Inc., announced the expiration and results of its June 9 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 Thursday press release.
As of the expiration time at 5 p.m. ET on June 15, holders had tendered $535.34 million, or 71.38%, of the notes. That amount excludes $1,149,000 of notes that remain subject to guaranteed delivery procedures.
QVC has accepted for payment all notes tendered prior to the expiration time with settlement on Thursday.
Tenders delivered under guaranteed delivery are due by 5 p.m. ET on June 17. QVC said it expects to accept for payment all notes that remain subject to guaranteed delivery procedures and to make payment for those notes on June 21.
As previously reported, 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 its 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.
BofA Securities (980 388-3646, debt_advisory@bofa.com) and J.P. Morgan Securities LLC (866 834-4666, 212 834-4045) are the joint dealer managers.
D.F. King & Co., Inc. (800 714-3311, 212 269-5550, QVC@dfking.com, www.dfking.com/QVC) is the information and tender agent for the offer.
West Chester, Pa.-based QVC is a cable, satellite and broadcast television network specializing in televised home shopping.
© 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.