By Paul A. Harris
St. Louis, Sept. 22 - QVC, Inc. doubled the size of its note offering to $1 billion from $500 million and priced its issue of 7½% 10-year senior secured notes at 98.278 to yield 7¾% on Tuesday, according to an informed source.
The yield printed on top of price talk.
Upon the completion of the split-off of Liberty Media assets, Moody's Investors Service will rate the notes Ba2. Standard & Poor's will rate them BB+. Fitch Ratings will assign its investment-grade BBB- rating to the notes.
Wells Fargo Securities and Barclays Capital Inc. were joint bookrunners. Calyon Securities, Fortis Investments, Mizuho Securities USA Inc. and RBS Securities Inc. were co-managers.
The original $500 million of proceeds will be used to repay existing term loans.
QVC is an Englewood, Colo.-based television and multimedia retailing company.
| Issuer: | QVC, Inc.
|
| Face amount: | $1 billion, increased from $500 million
|
| Proceeds: | $982.78 million
|
| Maturity: | 2019
|
| Security description: | Senior secured notes
|
| Bookrunners: | Wells Fargo Securities, Barclays Capital Inc.
|
| Co-managers: | Calyon Securities, Fortis Investments, Mizuho Securities USA Inc., RBS Securities Inc.
|
| Coupon: | 7½%
|
| Price: | 98.278
|
| Yield: | 7¾%
|
| Spread: | 429 bps
|
| Call protection: | Five years
|
| Trade date: | Sept. 22
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A for life/Regulation S
|
| Price talk: | 7¾% area
|
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