ENGLEWOOD, Colo., March 17 /PRNewswire-FirstCall/ -- QVC, Inc.
announced today the pricing of $500
million principal amount of new 7.125% Senior Secured Notes
due April 15, 2017 at par and
$500 million principal amount of new
7.375% Senior Secured Notes due October 15,
2020 at par (collectively, the "Notes"). The principal
amount of each series of the Notes was increased from the
previously announced $250 million
principal amount. The net proceeds of the offering will be
used to fund the purchase and cancellation of outstanding
borrowings under QVC's senior secured credit facilities. The
offering is expected to close on or about March 23, 2010, subject to customary closing
conditions. QVC, Inc. is a wholly-owned subsidiary of Liberty
Media Corporation (Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LSTZA,
LSTZB) attributed to the Liberty Interactive group.
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.
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 Media 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 Media'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 Media, including the most recent Forms 10-Q and 10-K for
additional information about Liberty Media and about the risks and
uncertainties related to Liberty Media's business which may affect
the statements made in this press release.
Contact:
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Courtnee Ulrich
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720-875-5420
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SOURCE Liberty Media Corporation