QVC launches exchange offers for $1.075B notes; new 6.875% notes due 2029

QVC INC

Exchange offers for any & all $575M 4.750% 2027 notes and $500M 4.375% 2028 notes.
2027 note holders get $350 principal of new notes + $650 cash per $1,000; 2028 holders get $1,000 principal of new notes.
New notes: 6.875% coupon, due April 2029, rank pari passu with existing notes.
Liberty Interactive LLC to contribute cash to QVC (minus $75M paid by QVC) prior to settlement.
Exchange offers expire Sept 20, 2024; settlement expected Sept 25. Minimum condition of $300M new notes issued.

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