QVC raising cash, lots of cash
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QVC has successfully sold $1 billion in new bonds – double the half billion it had originally proposed to sell.
The TV/Internet shopping company said it priced an offering of $500 million of 7.125% senior secured notes due 2017 at par and $500 million of 7.375% senior secured notes due 2020 also at par. Each offering had been doubled from $250 million. The offerings were made only to qualified institutional buyers.
QVC said the proceeds will be used to fund the purchase and cancellation of outstanding borrowings under the company’s senior secured credit facilities.
QVC is a wholly-owned subsidiary of Liberty Media Corporation.
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