QVC, Inc. Completes Exchange Offers for 2027 and 2028 Notes

QVC, Inc. Successfully Concludes Private Exchange Offers for 2027 and 2028 Notes

WEST CHESTER, Pa.--(BUSINESS WIRE)-- QVC, Inc. ("QVC") announced the successful completion of its previously announced exchange offers for its outstanding notes. These exchange offers involved swapping existing notes due in 2027 and 2028 for newly-issued 6.875% Senior Secured Notes maturing in April 2029, alongside cash payments where applicable.

Key Details of the Exchange Offers

The exchange offers targeted two series of old notes:

• 4.750% Senior Secured Notes due 2027

  • CUSIP: 747262 AY9
  • Principal Amount Tendered: $531 million
  • Percentage Tendered and Cancelled: 92.4%

• 4.375% Senior Secured Notes due 2028

  • CUSIP: 747262 AZ6
  • Principal Amount Tendered: $428 million
  • Percentage Tendered and Cancelled: 85.5%

The exchange offers were designed to improve QVC’s credit profile by reducing its debt balance and extending the maturity profile, which could facilitate future extensions of its senior secured credit facility.

Settlement and Funding

On September 25, 2024, QVC issued approximately $605 million in New Notes and paid around $352 million in cash to holders of the old notes. This included accrued and unpaid interest. Liberty Interactive LLC, a subsidiary of Qurate Retail, Inc., contributed about $277 million in cash to support the cash component of the offers.

Legal and Regulatory Considerations

The new notes are not registered under the Securities Act or state securities laws, and can only be resold under certain exemptions. This announcement does not serve as a notice of redemption or an offer to buy or sell securities.

Forward-Looking Statements

This release contains forward-looking statements regarding the exchange offers and their anticipated outcomes. Actual results could differ due to various risks and uncertainties. QVC does not commit to updating these statements in the future. For further details, refer to QVC’s public filings such as the latest Forms 10-K and 10-Q.