The Wall Street Journal
Home-shopping network QVC priced $1 billion in 10-year senior secured notes, doubling the size of a proposed offering to institutional investors that it announced last week.
Proceeds will be used to purchase and retire borrowings under its senior secured credit facilities. The offering is expected to close on or about Friday.
The cable-TV business, part of Liberty Media Holding Corp. (LINTA), had posted a smaller decline in second-quarter revenue than in the past few quarters and has been moving to cut inventory and limit extending credit to help lower its bad-debt expense.
QVC faced a cash shortage after the financial crisis and renegotiated agreements with creditors on its $4.5 billion debt load in June. More…