QVC Announces Refinancing of Bank Credit Facility
23 Junho 2016 - 8:14PM
Business Wire
QVC, Inc. (“QVC”) announced today the refinancing of its senior
secured credit facility with a new amended and restated senior
secured credit facility. The new senior secured credit facility is
a multi-currency facility, provides a line of credit of up to $2.65
billion and replaces QVC's existing $2.25 billion bank credit
facility. QVC is a wholly owned subsidiary of Liberty Interactive
Corporation (Nasdaq: QVCA, QVCB, LVNTA, LVNTB).
The new credit facility includes a $400 million tranche on which
Liberty Interactive’s subsidiary zulily, llc is a co-borrower. The
interest pricing for the new senior secured credit facility is the
same as the previous credit facility, and the maturity on the
majority of the new credit facility extends to June 23, 2021. QVC's
maximum leverage ratio covenant under the new credit facility will
be 3.5x, which is unchanged from the previous credit facility.
Additionally, there is a combined zulily and QVC leverage covenant,
which improves the overall interest rate under the new credit
facility. The new credit facility is secured by the stock of QVC,
Inc. and zulily, llc.
About Liberty Interactive
Corporation
Liberty Interactive Corporation operates and owns interests in a
broad range of digital commerce businesses. Those businesses are
currently attributed to two tracking stock groups: the QVC Group
and the Liberty Ventures Group. The businesses and assets
attributed to the QVC Group (Nasdaq: QVCA, QVCB) consist of Liberty
Interactive's subsidiaries, QVC, Inc. and zulily, llc, and its
interest in HSN, Inc., and the businesses and assets attributed to
the Liberty Ventures Group (Nasdaq: LVNTA, LVNTB) consist of all of
Liberty Interactive Corporation's businesses and assets other than
those attributed to the QVC Group, including its interest in
Expedia, Interval Leisure Group and FTD, its subsidiaries
Bodybuilding.com, CommerceHub and Evite, and minority interests in
Time Warner, Liberty Broadband Corporation, Lending Tree and
Charter Communications, Inc.
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