Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v2.4.0.8
Long-Term Debt
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Debt Disclosure
Long-Term Debt
Long-term debt consisted of the following:
 
March 31,

December 31,

(in millions)
2014

2013

3.125% Senior Secured Notes due 2019, net of original issue discount
$
399

—

7.5% Senior Secured Notes due 2019, net of original issue discount
761

761

7.375% Senior Secured Notes due 2020
500

500

5.125% Senior Secured Notes due 2022
500

500

4.375% Senior Secured Notes due 2023, net of original issue discount
750

750

4.85% Senior Secured Notes due 2024, net of original issue discount
600

—

5.95% Senior Secured Notes due 2043, net of original issue discount
300

300

Senior secured credit facility
124

922

Capital lease obligations
76

80

Total debt
4,010

3,813

Less current portion
(12
)
(13
)
Long-term portion of debt and capital lease obligations
$
3,998

3,800


Senior Secured Notes
On March 18, 2014, QVC issued $400 million principal amount of 3.125% Senior Secured Notes due 2019 at an issue price of 99.828% and $600 million principal amount of 4.850% Senior Secured Notes due 2024 at an issue price of 99.927% (collectively, the “Notes”). The Notes are 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 offerings were used to repay indebtedness under QVC’s senior secured credit facility and for working capital and other general corporate purposes. Interest is payable semi-annually.
Senior Secured Credit Facility
QVC had approximately $1.9 billion available under the terms of the senior secured credit facility at March 31, 2014. The interest rate on the senior secured credit facility was 1.9% at March 31, 2014.
Other Debt Related Information
QVC was in compliance with all of its debt covenants at March 31, 2014.
During the quarter, there were no significant changes to QVC's debt credit ratings.
The weighted average rate applicable to all of the outstanding debt (excluding capital leases) was 5.4% as of March 31, 2014.