By Andrea Heisinger
New York, June 27 - QVC Inc. priced $500 million of 5.125% 10-year senior secured notes at par on Wednesday, a market source said.
The notes (Ba2/BBB-/BBB-) were sold at a spread of Treasuries plus 349.9 basis points. There is a make-whole call at 50 bps over Treasuries.
The bonds will be secured by a first-priority lien on the capital stock of QVC. This is the same collateral that secures QVC's existing secured debt and certain future debt.
Barclays Capital Inc., Bank of America Merrill Lynch and RBS Securities Inc. were the bookrunners.
Proceeds will be used to reduce borrowings under the company's revolving credit facility and for general corporate purposes.
The home shopping retailer is based in West Chester, Pa.
| Issuer: | QVC Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $500 million
|
| Maturity: | July 2, 2022
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, RBS Securities Inc.
|
| Coupon: | 5.125%
|
| Price: | Par
|
| Yield: | 5.125%
|
| Spread: | Treasuries plus 349.9 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | June 27
|
| Settlement date: | July 2
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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