QVC refinances with new $2 billion secured line of credit due 2018

By Marisa Wong

Madison, Wis., March 1 - QVC, Inc. said it refinanced its bank credit facility with a new amended and restated senior secured credit facility that matures in March 2018.

The new facility is a multicurrency facility that provides an up to $2 billion line of credit and replaces QVC's existing credit facility set to expire in September 2015.

Interest on the new loan is lower than that of the previous facility.

QVC's maximum leverage ratio covenant is 3.5 times.

The credit facility is secured by the stock of QVC.

QVC is a home shopping retailer based in West Chester, Pa., and a wholly owned subsidiary of Liberty Interactive Corp.

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