QVC plans to price benchmark split-rated notes in 10- and 20-year tranches Thursday

By Paul A. Harris

Portland, Ore., Aug. 7 – QVC Inc. plans to price a benchmark split-rated dollar-denominated offering of senior notes (expected ratings Ba2/BBB-/BBB-) on Thursday, according to a market source.

The public offering is coming in tranches of 10-year notes and 20-year notes.

Credit Agricole CIB, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes in both tranches feature make-whole calls. The 10-year notes have a par call three months prior to maturity. The 20-year notes have a par call six months before maturity. Otherwise the notes are non-callable.

The West Chester, Pa.-based company plans to use the proceeds to redeem its 7½% senior secured notes due October 2019 as well as for working capital and other general corporate purposes.

QVC is a cable, satellite and broadcast television network specializing in televised home shopping.

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