QVC Inc. on Sept. 6 priced an offering of $225 million aggregate principal amount of new 6.375% senior secured notes due 2067, which the company announced earlier in the day.
The company also granted the underwriters of the offering an option to buy up to an additional $33.75 million of notes to cover any over-allotments.
The Qurate Retail Group-owned e-commerce and TV shopping company said net proceeds from the offering will be used to partially repay existing debt under QVC's senior secured credit facility and for general corporate purposes.
The offering is in line with QVC's existing shelf registration statement that has been filed with the Securities and Exchange Commission. It is expected to close on or around Sept. 13, subject to customary closing conditions.
Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, RBC Capital Markets LLC and UBS Securities LLC acted as joint book-running managers for the offering.