QVC, Inc. Completes Issuance of $435 Million of New Senior Secured Notes and Announces Full Exercise of Related Over-Allotment Option

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QVC, Inc. (“QVC”) announced today the completion of the previously announced offering of $435 million principal amount of new 6.250% Senior Secured Notes due 2068 (the “Notes”). QVC also announced today that the underwriters of this offering have exercised in full their option to acquire up to an additional $65.25 million principal amount of the Notes to cover over-allotments.The settlement of the sale of the additional Notes pursuant to the option is expected to occur on December 6, 2019. The Notes are secured by a first-priority lien on the capital stock of QVC, which also secures QVC’s existing secured indebtedness and certain future indebtedness. The net proceeds from the offering are expected to be used to repay a portion of the borrowings outstanding under QVC’s senior secured credit facility. QVC’s senior secured credit facility is used for working capital purposes and, among other things, may be used for the repayment of other debt and the payment of dividends to Qurate Retail, Inc. for general corporate purposes, including repurchases of its common stock. QVC is a wholly-owned subsidiary of Qurate Retail, Inc. (Nasdaq: QRTEA and QRTEB).

QVC has applied to list the Notes on the New York Stock Exchange. QVC expects trading in the Notes to begin within 30 days after the Notes are first issued.

BofA Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are the joint book-running managers for this offering.

J.P. Morgan is the joint lead manager for this offering.

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