Wed, Mar. 11, 4:48 PM
- Just hours after announcing it, QVC (NASDAQ:QVCA) has withdrawn an offering of additional senior secured notes, citing market conditions.
- QVC intended to use the offering to redeem existing higher-coupon notes. The company says it will proceed with redemption of the 7.375% notes due 2020, funded by cash on hand and that borrowed from its credit facility.
- Today: QVCA -1.2%.
- Earlier: QVC to offer senior secured notes (Mar. 11 2015)
Wed, Mar. 11, 11:04 AM
Mon, Mar. 9, 8:50 PM
- QVC (NASDAQ:QVCA) has refinanced its bank credit facility with a new senior secured facility at a lower rate.
- The new (multi-currency) facility has a line of credit of $2.25B, replacing the existing one that expires in March 2018. The new pact expires in March 2020.
- It'll be secured by QVC stock and the maximum leverage ratio is 3.5x.
- The company currently has a debt ratio of 70%.
Wed, Feb. 25, 6:48 PM
- Liberty Interactive (NASDAQ:QVCA) posted solid revenues on the back of QVC's strong U.S. performance, while the company said international markets did well despite currency headwinds.
- U.S. revenues increased 5% to 2B (for the full year, up 4% to $6.1B) and grew in all categories except electronics.
- Units sold increased 9% in Q4; average selling price slipped 5% to $61.64 and returns improved 40 bps.
- QVC outstanding debt was up $0.8B, to $4.6B at year's end.
- Liberty Ventures Group closed its sale of Provide Commerce to FTD on Dec. 31 for $145M in cash and about a 35% ownership interest in FTD.
- "We are also pleased by the performance of the Liberty Ventures and QVC Group stocks post the reattribution we completed in October, with both stocks trading above their respective pre-reattribution levels," says CEO Greg Maffei.
- The company repurchased about 3.8M QVC Group A shares for a total of $107M from Nov. 1-Jan. 31, leaving a buyback authorization of $677M. No repurchases of Liberty Ventures A (NASDAQ:LVNTA); remaining authorization there is $812M.
- Total consolidated GAAP cash at year's end was $2.31B. Total debt was $8.1B.
- Press release
Wed, Feb. 25, 5:22 PM
Wed, Jan. 28, 5:12 PM
- Liberty Interactive (QVCA,LVNTA,LVNTB) will pay an extraordinary cash distribution totaling $53.8M to holders of its 1% Exchangeable Senior Debentures due 2043.
- The payout is tied to a $10 special dividend issued by HSN (NASDAQ:HSNI) for its shareholders of record Feb. 9.
- With HSNI paying out its dividend on Feb. 19, Liberty will pay its distribution of $134.58/debenture on March 19, to debenture holders of record March 5.
Aug. 27, 2014, 6:36 PM
- Liberty Interactive (NASDAQ:LINTA) has finished spinning off its 22% TripAdvisor (NASDAQ:TRIP) stake into a new company called TripAdvisor Holdings. Starting tomorrow, TripAdvisor Holdings will trade under the symbols LTRPA and LTRPB.
- Liberty's stake carries with it 57% of TripAdvisor's voting rights. Wunderlich recently argued TripAdvisor might eventually buy back the stake in a cash/stock deal.
Aug. 25, 2014, 2:32 PM
- Wunderlich's Blake Harper has hiked his TripAdvisor (TRIP +1.5%) target by $12 to $100, albeit while reiterating a Hold.
- Harper cites a recent update to TripAdvisor's Hotel Listings page that he expects will yield "a better user experience and better monetization," the acquisition of local tours/activities site Viator, and a partnership with fast-growing car service Uber.
- He's also positive on Liberty Interactive's (LINTA -0.2%) plans to spin off its 22% TripAdvisor stake (comes with 57% voting rights) into a new holding company, and sees the move as "a precursor to an eventual combination that enables TRIP to consolidate the voting control in a cash/stock deal."
Aug. 21, 2014, 11:43 AM
- Hedge funds are having a difficult time of it again this year, up 1% vs. a 7.5% gain for the S&P 500, according to Goldman Sachs, which crunched the numbers on 775 funds with $1.9T in AUM.
- Nevertheless, Goldman's list of 50 stocks which "matter most" to hedge funds has outperformed the S&P 500 on a quarterly basis 66% of the time since 2001. The stocks this quarter (posted in order of the number of funds in which a name is a top-10 holding):
- ACT, AAPL, FB, AGN, AAL, GM, TWC, AIG, MSFT, HTZ, CHTR, MU, WMB, LNG, C, DAL, HCA, APC, CBS, ALLY, GOOGL, APD, NRF, BAC, EBAY, LBTYK, PCLN, VRX, BIDU, DTV, DISH, DG, EQIX, MA, WAG, ARCP, GILD, LINTA, MON, FOXA, VC, AMZN, BRK.A, BRK.B, SUNE, CMCSA, JPM, MIC, CCI, HES, LAMR.
- A special call-out to Northstar Realty (NYSE:NRF), Visteon (NYSE:VC), SunEdison (NYSE:SUNE), Macquarie Infrastructure (NYSE:MIC), and Lamar Advertising (NASDAQ:LAMR) for making the list of hedge fund hotels despite their relatively tiny market caps.
Aug. 5, 2014, 7:48 AM
Nov. 5, 2013, 9:32 AM
Oct. 14, 2013, 10:01 AM
- Liberty Interactive (LINTA +4.7%) shares spike after Wells Fargo upgrades the stock to Outperform from Perform and hoists its PT range to $31-$33 ($23-$24 previous).
- Analyst Matt Nemer bases the call on the value which he believes will be unlocked by Liberty's new tracking stock structure in Q1 2014. The core QVC asset trades at almost a 50% discount to peer HSNI and has an "increasingly promising long-term agenda" to boot, he observes.
- With regard to the future Liberty Digital Commerce tracker, Nemer sees underappreciation given its high growth and size - it would be the 4th largest U.S.-listed e-commerce business by revenue on a standalone basis.
Oct. 2, 2013, 12:28 PM
- Liberty Interactive (LINTA +1.3%) invests $300M in Abengoa's (ABGOY.PK) Solana parabolic trough solar plant, the largest of its kind in the world and the first to utilize thermal storage in the U.S.
- The plant is in the final testing phase and has an installed capacity of 280 gross MW. Arizona Public Service will purchase all electricity generated by the plant.
Sep. 4, 2013, 2:34 PM
- Liberty Interactive (LINTA +2.2%) prices a $350M private offering of 1% convertible senior debentures due 2043 (overallotment of $50M).
- The debentures are convertible into HSN (HSNI -1.5%) stock at $74.31/share (Liberty owns 38% of HSN, which spun off in 2008). The offering is expected to close Sept. 9.
May. 8, 2013, 7:48 AM
Feb. 27, 2013, 6:08 PM
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