QVC CONVERTS COMCAST DEBT TO EQUITY
QVC CONVERTS COMCAST DEBT TO EQUITY WEST CHESTER, Pa., Nov. 2 /PRNewswire/ -- QVC Network, Inc.
(NASDAQ: QVCN) today announced that it has prepaid $30 million of debt held by Comcast Financial Corporation by issuing 1,704,546 shares of QVC's common stock.
In connection with the acquisition of CVN Companies, Inc. in 1989, QVC borrowed $30 million from Comcast. This debt was evidenced by a 10 percent Convertible Subordinated Note due in 1999. QVC previously notified Comcast that it would prepay the note on the first date permitted under the terms of the agreement between Comcast and QVC. Comcast then exercised its rights under that agreement to convert the debt into shares of QVC common stock at a price of $17.60 per share, which was 110 percent of the market price of QVC common stock on the date of the loan. /delval/ -0- 11/2/92 /CONTACT: William F. Costello of QVC, 215-430-8938/ (QVCN) CO: QVC Network, Inc.; Comcast Financial Corporation ST: Pennsylvania IN: ENT SU:
MK-LJ -- PH004 -- 1403 11/02/92 09:13 EST
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|Date:||Nov 2, 1992|
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