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QVC refinances with $3.65 billion multi-currency credit facility
By Sarah Lizee
Olympia, Wash., Dec. 31 – QVC, Inc. said it refinanced its senior secured credit facility with a new amended and restated $3.65 billion senior secured multi-currency credit facility.
The new facility replaces QVC's existing $2.65 billion bank credit facility, according to a press release.
The company said pricing for the new facility is the same as the previous credit facility, and the maturity on the new facility extends to Dec. 31, 2023.
QVC’s maximum leverage ratio covenant under the new facility will be 3.5x and the facility includes a $400 million tranche on which Qurate Retail’s subsidiary Zulily, LLC is a co-borrower, which are both unchanged from the previous credit facility.
The new facility is secured by the stock of QVC and Zulily.
In connection with the refinancing, HSN, Inc. and its subsidiaries, other than the Cornerstone Brands, became subsidiaries of QVC as part of an intercompany restructuring by Qurate Retail, Inc.
Proceeds from QVC’s new credit facility were used to repay in full all outstanding debt under the $1 billion senior secured credit facility of HSN, and HSN’s credit facility was terminated.
QVC is a West Chester, Pa.-based multimedia retailer.
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