QVC Prices $500 Million of New Senior Secured Notes
ENGLEWOOD, Colo.--(BUSINESS WIRE)--
QVC, Inc. announced today the pricing of $500 million principal amount
of new 5.125% Senior Secured Notes due 2022 at par (the "Notes"). The
Notes will be secured by a first-priority lien on the capital stock of
QVC, which is the same collateral that secures QVC's existing secured
indebtedness and certain future indebtedness. The net proceeds of the
offering will be used for general corporate purposes, which may include
the refinancing of indebtedness under QVC's existing senior secured
credit facility. The offering is expected to close on or about July 2,
2012, subject to customary closing conditions. QVC, Inc. is a
wholly-owned subsidiary of Liberty Interactive Corporation (Nasdaq:
LINTA, LINTB).
QVC will make the offering pursuant to an exemption under the Securities
Act of 1933, as amended. The initial purchasers will offer the Notes
only to qualified institutional buyers as permitted under Rule 144A of
the Securities Act, or outside the United States to certain persons in
reliance on Regulation S under the Securities Act. The Notes will not be
registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements
of the Securities Act.
In connection with the offering of the Notes, QVC will agree, subject to
certain conditions, to file a registration statement relating to a
registered offer to exchange the Notes for new registered notes having
substantially identical terms as the Notes.
This press release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy the
offered Notes, nor shall there be any sales of Notes in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Forward-Looking Statements
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
including without limitation, statements about the completion of the
offering and the use of proceeds from the offering. These
forward-looking statements involve many risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied by such statements, including, without limitation, general
market conditions. These forward looking statements speak only as of the
date of this press release, and Liberty Interactive expressly disclaims
any obligation or undertaking to disseminate any updates or revisions to
any forward-looking statement contained herein to reflect any change in
Liberty Interactive's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of Liberty
Interactive, including the most recent Forms 10-Q and 10-K for
additional information about Liberty Interactive and about the risks and
uncertainties related to Liberty Interactive's business which may affect
the statements made in this press release.
Liberty Interactive Corporation
Courtnee Ulrich, 720-875-5420
Source: Liberty Interactive Corporation
News Provided by Acquire Media
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