Fitch gives BBB- to QVC notes

Fitch Ratings said it assigned a BBB- rating to QVC Inc.'s proposed 10.5- and 20-year note offerings.

Proceeds are expected to be used to redeem the remaining $769 million principal amount of 7½% senior secured notes due October 2019, which become callable in October 2014 at 103.75. Any excess proceeds are expected to be used for general corporate purposes, including working capital.

Fitch views the transaction as neutral to the credit profile as it is expected to be materially leverage neutral.

The QVC notes' security package (including the proposed note offerings) mirrors the credit facility's security package. Both sets of instruments are pari passu with each other and benefit from a security interest in the capital stock of QVC and are guaranteed by QVC's material domestic subsidiaries, the agency said.

© 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.