IAC Readies Debt for Spinoffs
July 28, 2008,
IAC/Interactive Corp. has set up about $2 billion in debt issues to facilitate its planned breakup into five companies, including a standalone entity to be called HSN Inc.
The HSN bond offering, said IAC, is expected to close by August 1.
HSN Inc. will comprise the television and online direct-to-consumer retailer Home Shopping Network along with mail-order catalog specialist Cornerstone Brands. These two divisions of IAC had combined 2007 home textiles retail sales of $243 million, which would place them at No.20 in the HTT Top 50 Retailing Giants.
The other spinoff companies will be Ticketmaster, Interval Leisure Group, Lending Tree and IAC.