Approximately 89% principal amount of 2027 and 2028 notes successfully tendered and cancelled

WEST CHESTER, Pa., September 26, 2024--(BUSINESS WIRE)--QVC, Inc. ("QVC") announced today the consummation of its previously announced exchange offers (each, an "Exchange Offer," and collectively, the "Exchange Offers") for any and all of the outstanding notes listed in the table below (collectively, the "Old Notes") for its newly-issued 6.875% Senior Secured Notes due April 2029 (the "New Notes") and, as applicable, cash.

The table below provides the aggregate principal amount of each series of Old Notes that were validly tendered and not validly withdrawn at or prior to the expiration date of the Exchange Offers (the "Expiration Date"). The completion of the Exchange Offers improves QVC’s credit profile with a reduced debt balance and extended maturity profile, supporting a potential future extension of QVC and its affiliates’ existing senior secured credit facility.

* No representation is made as to the correctness or accuracy of the CUSIP number either as printed on the Old Notes or as contained in this press release, and reliance may be placed only on the other identification printed on the Old Notes. The CUSIP number is included herein solely for the convenience of the registered owners of the Old Notes.

(1) The principal amounts and percentage tendered as reflected in the table above include Old Notes that were validly tendered to QVC at or prior to the Expiration Date in its offers to purchase Old Notes from holders who were not eligible to participate in the Exchange Offers. Additional Old Notes may be tendered in QVC’s offers to holders who were not eligible participate in the Exchange Offers as such offers expire at a later date.

On September 25, 2024 (the "Settlement Date"), QVC issued an aggregate principal amount of approximately $605 million in New Notes in exchange for the Old Notes and approximately $352 million in cash in exchange for the Old Notes validly tendered and accepted by QVC in the Exchange Offers and its offers to purchase Old Notes from holders who were not eligible to participate in the Exchange Offers, plus accrued and unpaid interest from the last interest payment date to, but excluding, the Settlement Date, without giving effect to any Old Notes that may still be tendered in QVC’s offers to holders who were not Eligible Holders after the Expiration Date. Liberty Interactive LLC ("LI LLC"), a wholly owned subsidiary of Qurate Retail, Inc., which is the indirect parent of QVC, through its subsidiaries, contributed approximately $277 million in cash to fund a portion of the cash consideration to be paid in all the offers.