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QVC Completes Issuance of $1.05 Billion of New Senior Secured Notes



  QVC Completes Issuance of $1.05 Billion of New Senior Secured Notes

Business Wire

WEST CHESTER, Pa. -- March 18, 2013

QVC, Inc. announced today the completion of the previously announced offering
of $750 million principal amount of new 4.375% senior secured notes due 2023
and $300 million principal amount of new 5.950% senior secured notes due 2043
(collectively, the “Notes”). The Notes will be secured by a first-priority
lien on the capital stock of QVC, which is the same collateral that secures
QVC's existing secured indebtedness and certain future indebtedness. The net
proceeds from the offering will be used, together with cash on hand, to fund
QVC’s cash tender offer for any and all of its $500 million aggregate
principal amount of 7.125% senior secured notes due 2017 and up to $250
million aggregate principal amount of its 7.50% senior secured notes due 2019.
To the extent that the net proceeds from the sale of the Notes exceeds the
amount of funds required to purchase the tendered notes, then any excess funds
will be used for general corporate purposes, which may include the refinancing
of indebtedness under QVC’s senior secured credit facility. QVC, Inc. is a
wholly-owned subsidiary of Liberty Interactive Corporation (Nasdaq: LINTA,
LINTB, LVNTA, LVNTB).

The Notes were offered pursuant to an exemption under the Securities Act of
1933, as amended (the "Securities Act") only to Qualified Institutional Buyers
as permitted under Rule 144A of the Securities Act, or outside the United
States to certain persons in reliance on Regulation S under the Securities
Act. The Notes have not been registered under the Securities Act and may not
be offered or sold in the United States absent registration or an exemption
from the registration requirements of the Securities Act.

In connection with the offering of the Notes, QVC has agreed, subject to
certain conditions, to file a registration statement relating to a registered
offer to exchange the Notes for new registered notes having substantially
identical terms as the Notes.

This press release is for informational purposes only and does not constitute
an offer to sell or the solicitation of an offer to buy the Notes, nor shall
there be any sales of Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, including
without limitation, statements about the use of proceeds from the offering.
These forward-looking statements involve many risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied by such statements, including, without limitation, general market
conditions. These forward looking statements speak only as of the date of this
press release, and QVC expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement
contained herein to reflect any change in QVC’s expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of QVC,
including the most recent Form 10-K for additional information about QVC and
about the risks and uncertainties related to QVC’s business which may affect
the statements made in this press release.

Contact:

Liberty Interactive Corporation
Courtnee Ulrich, 720-875-5420
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