By James McCandless
San Antonio, Nov. 19 – QVC, Inc. priced a $435 million offering of $25-par senior secured notes (Ba2/BBB-/BBB-) due Nov. 26, 2068 at par with a coupon of 6.25%, according to an FWP filing with the Securities and Exchange Commission.
There is a $65.25 million greenshoe.
The deal was announced Tuesday morning.
BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The lead manager is J.P. Morgan Securities LLC.
Dividends will be payable on March 15, June 15, Sept. 15 and Dec. 15 of each year, commencing on Dec. 15, 2019.
The notes are redeemable on or after Nov. 26, 2024 at par. Prior to that, the notes are redeemable at make-whole amount.
QVC plans to use the proceeds for general corporate purposes, including, but not limited to, working capital, repayment or reduction of debt, capital expenditures, financing of acquisitions and repurchases and redemptions of securities.
The company plans to list the notes on the New York Stock Exchange under the symbol “QVCC.”
QVC is a West Chester, Pa.-based online shopping services provider.
| Issuer: | QVC, Inc.
|
| Guarantors: | Subsidiaries of the company
|
| Description: | Senior secured notes
|
| Amount: | $435 million
|
| Greenshoe: | $65.25 million
|
| Maturity: | Nov. 26, 2068
|
| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC
|
| Lead manager: | J.P. Morgan Securities LLC
|
| Co-managers: | Barclays and Goldman Sachs & Co. LLC
|
| Coupon: | 6.25%
|
| Price: | Par of $25.00
|
| Yield: | 6.25%
|
| Call: | On or after Nov. 26, 2024 at par; prior to that date at make-whole amount of greater of par and Treasuries plus 50 bps
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 26
|
| Ratings: | Moody’s: Ba2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Listing: | NYSE: QVCC
|
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