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QVC to redeem 7.5% notes due 2019 with new offering proceeds
By Angela McDaniels
Tacoma, Wash., Aug. 7 – QVC Inc. plans to redeem its 7.5% senior secured notes due October 2019, according to a company news release.
The company will fund the redemption with some of the proceeds of its $1 billion split-rated offering of senior notes (Ba2/BBB-/BBB-) that priced on Aug. 7. The offering included $600 million of 4.45% 10.5-year notes that priced at 99.86 to yield 4.467% and $400 million of 5.45% 20-year notes that priced 99.784 to yield 5.468%.
Proceeds will also be used 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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