QVC Inc. the home shopping channel from a zillion years ago, has sold a new baby bond issue with a coupon of 6.375% and a maturity date in 2067.
The new permanent ticker will be QVCD. There will be no grey market trading in the issue.
This new issue has the normal terms, quarterly interest payments and an early redemption option beginning 9/13/2023.
This is a fairly large issue with 9 million shares being sold with another 1.35 million being available for overallotments.
This issue is expected to be rated low investment grade by S&P and Fitch but a couple notches below investment grade by Moodys.
We have no interest in this issue because of the long dated maturity even though we know nothing about QVC (we didn’t know they still existed) but will do a little homework on the company.