Television Shopping Channel QVC Floats $1 Billion Debt Exchange

Television shopping channel QVC Inc. launched exchange offers for its notes due 2027 and 2028 to push out maturities and take advantage of the debt trading at lower levels.

The exchange is targeting QVC’s 4.75% senior secured notes due 2027 and its 4.375% notes due 2028, according to a statement from the company. Altogether, these notes have about $1 billion in principal outstanding.

Both notes have been trading below par, with the 2027 bonds trading at 91 cents on the dollar and the 2028 obligations changing hands at 81 cents, according to pricing source Trace. They’re higher by several cents ...