QVC, Inc. (“QVC”) announced today the pricing of $500 million aggregate principal amount of new 4.375% Senior Secured Notes due 2028 (the “New Notes”). The New Notes will be secured by a first-priority lien on the capital stock of QVC, which also secures QVC’s existing secured indebtedness and certain future indebtedness. The net proceeds from the offering of the New Notes (the “Offering”), together with cash on hand, are expected to be used to repurchase any and all of the $500 million outstanding aggregate principal amount of QVC’s 5.125% senior secured notes due 2022 (the “2022 Notes”) in a tender offer announced previously by QVC. The Offering is expected to close on or about August 20, 2020, subject to customary closing conditions. QVC is a wholly-owned subsidiary of Qurate Retail, Inc. (Nasdaq: QRTEA and QRTEB).
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