QVC greenshoe lifts 6.25% $25-par 49-year notes to $500.25 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 26 – Underwriters for QVC, Inc.’s 6.25% $25-par senior secured notes (Ba2/BBB-/BBB-) due Nov. 26, 2068 fully exercised their $65.25 million greenshoe, lifting the total deal size to $500.25 million, according to a press release.

The company priced $435 million of the notes at par on Nov. 19.

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.

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